SHIB/USD Downtrend Breakout

The idea here is about SHIB/USD:

My view is short term Bullish for the below observed technical factors.

Points as per TA on Weekly & daily Chart:
1. Broken out of Downtrend Channel as per below:
snapshot

2. Possible Double Bottom pattern formation on a weekly chart await for neckline breakout as per below:
snapshot

3. Possible Bearish Bat Harmonic Pattern CD leg in formation as per the published chart .

4. Bearish Cypher pattern completed on Daily chart, Target 1 Achieved & support confirmed at the time of publishing as per below :
snapshot

5. Trading below 20 EMA on a weekly chart & above 20 EMA & below 200 EMA on a daily chart.

6. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily & weekly is Neutral at the time of publishing.

7. RSI is at 47.07 on a weekly Chart and 68.27 on daily chart at the time of publishing.

8. MACD above signal line on weekly & daily chart.

9. Hull Moving average on daily is a sell and Strong buy on Weekly & monthly.

10. ADX ( Average directional index ) trend strength is at 8.2 on a weekly which indicates a absent or weak trend ( ADX between 0-25 is a Absent or weak trend) & 43.17 on daily chart which indicates strong trend.

Projected Target with %: Double bottom & bearish Bat targets are almost aligned at the same point.

A). Conservative entries can wait for retest & neckline breakout confirmation on weekly chart for double bottom, target provided in chart.

B). Bearish Bat target provided in chart.

Stop Loss: provided in chart.

Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So

Please do your own DD (Due Diligence) before any kind of investment”.

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