SHIB: Three Hills & a Mountain
Updated
Findings
I believe I have discovered a Three Hills & a Mountain pattern on the SHIB hourly and daily charts. I recently posted about the same formation on ApeCoin which gives me the impression that certain altcoins are experiencing similar trading activities while Bitcoin consolidates. Bitcoin appears to be on the brink of a correction which could bring us to the 61.8% Fibonacci level where significant buying pressure should occur and begin developing the third hill.
APEUSD Three Hills & a Mountain Publication
https://www.tradingview.com/chart/APEUSD/2N72pW5c-ApeCoin-3-Hills-a-Mountain/
Trend Analysis
Both of the proposed hills are of unequal magnitude which is why I do not believe this is a Three Drives pattern. While there was a brief decline beneath the 61.8% level before forming the second hill, the drop was insignificant and stayed in close proximity. On the 1W chart there is a Double Bottom "W" pattern forming which I have detailed in an earlier publication a few weeks ago; the Three Hills and a Mountain supports the W projection as the price target is around 0.000016.
W Pattern Publication
The volume is rising with increasing values and the succeeding hill has increasing volume as well, indicating bullish momentum. Should the pattern keep up I believe we will see a large spike in volume within the first half of the third hill.
SHIBUSD
https://www.tradingview.com/x/YXnNSq3g/
I believe I have discovered a Three Hills & a Mountain pattern on the SHIB hourly and daily charts. I recently posted about the same formation on ApeCoin which gives me the impression that certain altcoins are experiencing similar trading activities while Bitcoin consolidates. Bitcoin appears to be on the brink of a correction which could bring us to the 61.8% Fibonacci level where significant buying pressure should occur and begin developing the third hill.
APEUSD Three Hills & a Mountain Publicationhttps://www.tradingview.com/chart/APEUSD/2N72pW5c-ApeCoin-3-Hills-a-Mountain/
Trend Analysis
Both of the proposed hills are of unequal magnitude which is why I do not believe this is a Three Drives pattern. While there was a brief decline beneath the 61.8% level before forming the second hill, the drop was insignificant and stayed in close proximity. On the 1W chart there is a Double Bottom "W" pattern forming which I have detailed in an earlier publication a few weeks ago; the Three Hills and a Mountain supports the W projection as the price target is around 0.000016.
W Pattern Publication
The volume is rising with increasing values and the succeeding hill has increasing volume as well, indicating bullish momentum. Should the pattern keep up I believe we will see a large spike in volume within the first half of the third hill.
SHIBUSD https://www.tradingview.com/x/YXnNSq3g/
Note
The second hill has finally completed.Trade active
The value of SHIB has declined further than I originally anticipated, however, I am not too concerned. After reviewing the 1D chart I believe the token is still on track for a Three Hills and a Mountain pattern. The supporting indicators are as follows:- Dwindling volume with decreasing value (suggests the current trend is temporary)
- Money Flow Index (MFI) is approaching oversold territory
Related publications
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