SHIBA pressure building into wedge
Updated
SHIBA INU, relatively new coin and "meme coin" has potential to break out of this wedge and range it has been stuck in for some time. With BTC and ETH starting to run, I think the altcoins and bigger named small cap coins will begin to run as well, from FOMO, meme potential, and just more and more people entering the crypto space.
I will be entering with a small position at this level, waiting for the break of the trendline and the 618 fib level.
Targets:
1) 0.000035, the previous high -> around 25%
2) the 1.272 fib around 0.000039 -> around 40%
3) 1.618 fib at 0.000044 -> around 55-60%
I will be entering with a small position at this level, waiting for the break of the trendline and the 618 fib level.
Targets:
1) 0.000035, the previous high -> around 25%
2) the 1.272 fib around 0.000039 -> around 40%
3) 1.618 fib at 0.000044 -> around 55-60%
Note
Still in the trade, and still has not been invalidated. After a small breakdown of the bottom trend line, along with the rest of the altcoins, SHIB has come back to start its trend upwards. It is normal to see the altcoins lag behind BTC and ETH in a bull market because most coins run with BTC. Seems to be creating an ascending triangle here in a bullish move so hopefully we will see SHIB continue to run!
With the new BITCOIN ETF that was just approved and now trading on NYSE, I think crypto will get even more exposure to the markets and this will only fuel BTC to run, which in turn will push the altcoins to run as well.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.