Technical analysis by Shepherd_Investor about Symbol SHIB: Buy recommendation (11/13/2023)

On the journey to a complete W pattern at the $0.000015 price tag there will be a few, if not more, periods of consolidation. After a hot run up to the 0.00000970 range, Shiba Inu is beginning to consolidate into what may be a week long, or slightly longer, pennant formation. Buying opportunities may present themselves around the Fib Retracement Levels with a potential bottom near the 38.2% level.A breakout from the projected pennant could take Shib's value to the 1W (1 week) 38.2% Fib Retracement Level with the 1W 50% level being the next stop if this ceiling is blown through with significant volume. However, more consolidation should be expected in my opinion. As always, a breakdown is also possible which could hemorrhage Shib's value to prior lows.At the time of this article I am still confident on a pending completion of the W pattern (see my other idea linked at the bottom) but macroeconomic factors can accelerate or derail this formation. Stop-losses should be utilized and traders should be cognizant of any significant changes in the climate of the market. SHIBUSDI believe we will see the formation of a M pattern with the second peak around or above the 78.6% Fib retracement level. Shortly after, I expect that a drop will occur that takes us to one of two projected support lines for another buying opportunity.Bitcoin is forming an inverse cup-and-handle on the hourly charts and so I believe a correction as low as the $30.5K range is coming. Because of its correlation to altcoins, I no longer feel that this pennant will be able to contain the selling pressure.However, in my opinion, this is just a short-term problem and I think SHIB is still on-course to complete its W pattern on the 1W chart. Stay vigilant.