Is The Dip Over For $Shib? [I didn't listen to my Intuition]
For about a few hours now, I have been monitoring the price and RSI movement on $Shib. In this post, I will be sharing with you what my thought is on the coin.
#shib caught my attention on Binance after it plunged in price to about -20% from its ATH, and was trading at $0.00005789 at the time I noticed it. Immediately, I pulled up the chart on TradingView, and here was what I saw.
As you can see, I immediately drew the yellow line hoping it drops to that point as its new support. Interestingly, this price was its ATH some weeks back. Also, viewing the chart with a 4hrs time frame shows that $0.00005 also stands to be the only support.
Truth be told, I never traded Shib but while staring at the chart, I was entirely all in to place a buy order. Although, I didn’t buy it after several hours until a friend messaged me on WhatsApp that he wants to buy shib too. I shared with him the chart and he said I should buy him some of it at the current price which I did.
A few hours after, shib/busd bounced back to $0.00006. At this point, I was pained that shib/busd might be ready to bounce from here. So, I canceled my order and replaced it at $0.000055.
Lo and behold, the next morning, shib/busd was trading at $0.000053. My order got filled and I was already taking some L. I stared at the chart again and the $0.00005 price I marked on the chart still looked possible. At this point, I decided to only lurk at the chart and not risk any other fund.
Later in the day, shib/busd dropped below $0.00005 and was trading as low as $0.000043. At this point, I was extremely mad at myself and boiling 😡 for buying at $0.000055.
However, I had also placed a few conditions on the chart. which are;
If the daily price doesn’t close above $0.00005, the chart would get pretty bad. Or if the weekly price doesn’t close above the same price, I’d end up holding shib/busd till it recovers. Which I would not want to do.
As of the time of writing this post, I’m glad to say that shib/busd is trading at 0.000052, which is above the support line I drew some hours back.
As it is now, I’m hoping we flip and close the daily at above $0.000055. If it does, this weekend would be so good for me.
Conclusion
I regret not listening to my instincts and went ahead to close my first buy order at $0.00005.
Cryptocurrency investment is subject to high market risk. I’m not responsible for any of your investment losses. The opinions and statements made above should not be considered financial advice.
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