SHIB reaching breakout levels
Updated
SHIBUSDTSHIB seems to be throwing me a buy signal on the Hiekin Ashi chart using the 12/26 EMA crossover
Using the daily chart only as a starting point to reduce the view down to the 1 and 4 hr chart
You can see on the daily that the EMA cross has happened (as long as this daily candle holds bullish)
A daily bullish candle close at current levels would be the 3rd day in a row of bullish candles above previous resistance - a cup and handle pattern will not be looked for imo
Going down to the 1 and 4 hr chart:
We can see a crossover on the 4th of Feb
There is also a crossover on the 1 hr on the 9th of Feb
All crossover proceeded by bullish candles
All bearish candles respecting the 12 EMA and bouncing
There are 3 patterns I see being formed and respected, all wedges: a wedge within a wedge within a wedge
IMO it is too early to tell if the smaller(more micro/local) wedges will assist in breaking resistance of the macro wedge
It is possible that the larger wedge may need more time before an official break
Trade active
NFA - this is a reflection of my personal opinions only and I am long on SHIBNote
For more context on the 12/26 EMA Hieken Ashi strategy:(these are dated Feb 8 2022)
Note
Above is an example only based off hindsight charting - education purposes only - I only paper traded here. That said, again, I have gone long today (2/9/22) after seeing more confirmation of trend
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