I had some people DM me about what I think will happen next and just to get some general information about trading. Feel free to DM me anytime about CRYPTO only. I’m totally down to help. ALSO, I want everyone to know that I’m a woman so please keep your DICK AND TITTY post to yourself.
Now on to the chart. In my last chart, I made the mistake of saying “we want to see price do this and then move back to the ath (all time high) – I should have broken it down more and said, “MOVE to the next level of resistance”. My bad.
This is the chart on the 4-hour tf (timeframe). See how the price moved sideways for a while before we got that little pump on the 30th. That’s called consolidation. Consolidation happens when there’s a relatively same amount of buyers and sellers agreeing on a price range. Consolidation happens all the time in every market and it’s important and healthy.
Shiba will consolidate within the orange lines (which is the .618) before deciding to either move up and retest the next level of resistance, in this case, the previous high from the 30th, OR move down to the next level of support. Learning support and resistance is very important. And more importantly, this slight up-down testing of support and resistance happens all the time. So DON’T FUD out or FOMO in when you see this kind of action.
One last thing, when price moves up finds resistance, and then moves back down for consolidation it’s called a pullback. Happens all the time. What goes up must come down. People fomo at the top because they thinks it’s going to pump forever and their going to miss the moon. IT AIN’t GONNA PUMP FOREVER, and if it do, it’s a good indication that there’s manipulation in the market and the bulls are riding that FOMO only to pull it out from under you.
Again, I welcome any and all questions. THIS is not financial advice! I’m just trying to help new people understand movement and charts.