Descending Triangle is Broken; Now Price is aiming for 1000Level
Previous SHIBUSDT Chart Update:
Ever since Shiba Inu coin made a new high back in 2021 November, the price movement has shifted to a long-term bearish market. As we previously forecasted in our SHIBUSDT analysis, the price has broken down from its descending triangle pattern. This suggests that the bearish trend is still very valid. We expect the price to drop to the next support area, which could be all the way down to the 1000 level.
Although Shiba Inu coin is currently trending down, the price has almost completed a 100% retracement from its high at 8850 level. Therefore, we are not looking to enter any sell positions at the moment. Rather, we are monitoring the market to find possible buy opportunities at lower price level.
Trading Road Map
Our first area of interest to look for buy entries are in the 1000 level. From this level, we will look for a consolidation/reversal pattern first. If the price forms a pattern and then breaks above the pattern, making new higher highs, then we will enter our long positions. We do not pick a bottom but rather let the price action form a bottom at the natural price level.
We do expect the price to eventually test the previous high of 8800 level at some point in the future.
Ever since Shiba Inu coin made a new high back in 2021 November, the price movement has shifted to a long-term bearish market. As we previously forecasted in our SHIBUSDT analysis, the price has broken down from its descending triangle pattern. This suggests that the bearish trend is still very valid. We expect the price to drop to the next support area, which could be all the way down to the 1000 level.
Although Shiba Inu coin is currently trending down, the price has almost completed a 100% retracement from its high at 8850 level. Therefore, we are not looking to enter any sell positions at the moment. Rather, we are monitoring the market to find possible buy opportunities at lower price level.
Trading Road Map
Our first area of interest to look for buy entries are in the 1000 level. From this level, we will look for a consolidation/reversal pattern first. If the price forms a pattern and then breaks above the pattern, making new higher highs, then we will enter our long positions. We do not pick a bottom but rather let the price action form a bottom at the natural price level.
We do expect the price to eventually test the previous high of 8800 level at some point in the future.
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