SHOP made a strong move down in the last three days. However, at this point the direction is not fully confirmed on the weekly frame. Let’s have a look from the candles point of view.
SHOP produced a bullish Deliberation combo that signals a bounce. Typically it would be a minor one, however, in some cases, it could trigger a full reversal.
So far the price stays above 20 EMA and the trend is not broken. If it moves below in the next days, it would be concerning.
The weekly candle could possibly make a very bearish combo. However, there are three days to go and the red candle could become green or at least a small red that would not be bearish.
The weekly trend is healthy and the candle is above 8 EMA.
If this week closes below $1470, this would be a strong bearish message.
If the monthly candle closes above $1588, expect higher prices in the following months. Any closure below this level might have an impact that would have to be evaluated.
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