SHIB's pullback hit a crucial confluence area which could be a great buying opportunity, but only if BTC reverses recent losses.
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On the zoomed-out H4 chart, the above bullish OB aligned with ascending trendline support and the previous May range-high of $0.00000903. The May range-high had previously stopped the retracement seen between 6-7 August. But SHIB’s co-efficient correlation to BTC was positive at +0.9 at the time of writing, and the RSI and CMF recorded negative readings. With the currently weak BTC, any strong SHIB rebound from above the bullish zone could depend on BTC reversing recent losses in the short term.
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