Hi all, wishing you a fantastic day!
There is a falling wedge forming on SHIBUSDT on multiple timeframes. I like the clarity on the 12hr chart. Falling wedges tend to break out to the upside, rather than breaking down. However, price is getting close to the support line while most of the market is in a downtrend and a state of fear and so I am leaning toward a breakdown personally in this situation. I could and hope to be wrong though. If the bears get no follow through and the down trending support line holds and price starts to bounce from here again, I will personally be longing it.
Another positive is the potential for a weekly higher low to be in the making. Price has been dropping since the high it made in October, and the falling wedge pattern coincides nicely with a bottom forming if it breaks to the upside. It would be quite the win if the weekly higher low forms and kicks into gear for another leg up.
Be patient with this trade and let the price form over the next 6 hours AT LEAST before even considering to long. Let's wait and see if the support lines holds.
There is a falling wedge forming on SHIBUSDT on multiple timeframes. I like the clarity on the 12hr chart. Falling wedges tend to break out to the upside, rather than breaking down. However, price is getting close to the support line while most of the market is in a downtrend and a state of fear and so I am leaning toward a breakdown personally in this situation. I could and hope to be wrong though. If the bears get no follow through and the down trending support line holds and price starts to bounce from here again, I will personally be longing it.
Another positive is the potential for a weekly higher low to be in the making. Price has been dropping since the high it made in October, and the falling wedge pattern coincides nicely with a bottom forming if it breaks to the upside. It would be quite the win if the weekly higher low forms and kicks into gear for another leg up.
Be patient with this trade and let the price form over the next 6 hours AT LEAST before even considering to long. Let's wait and see if the support lines holds.
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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.