Shiba needs to go around the block to sniff some butts and mark his territory. The ideal entry was made on March 16. We're out of the optimal buying zone.We broke the trendline on March 23, we're starting to get a little structure behind it, cool.
In terms of location, we are already in a profit taking zone (TP1). Why ?
Fibo first stop of the February movement. It coincides with a monthly pivot, so be careful, if you enter here, keep in mind that you are buying a rather powerful resistance and that you can get smashed.
If we break through this area, the next sell zone will be on the "TP2 rectangle" in my opinion. Then, if we break the top of February 7, we will look at TP3 which should really block the price very strongly: first stop of the movement of end October 2021 + yearly pivot.
Have a good day.
In terms of location, we are already in a profit taking zone (TP1). Why ?
Fibo first stop of the February movement. It coincides with a monthly pivot, so be careful, if you enter here, keep in mind that you are buying a rather powerful resistance and that you can get smashed.
If we break through this area, the next sell zone will be on the "TP2 rectangle" in my opinion. Then, if we break the top of February 7, we will look at TP3 which should really block the price very strongly: first stop of the movement of end October 2021 + yearly pivot.
Have a good day.