SHIB - HORIZONTAL TRIANGLE, POP UP or DROP? What's Happening?Happy Money Monday, Traders!
Hope you find value from this post.
If you did, pls like and consider following.
Here's a trading idea.
But firstly...
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Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
This is merely trading opinion and not advise. DYODD.
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SHIB has been consolidating since the 22nd of Jan as it bottomed out at 1700 and is now in a Horizontal Triangle.
There's a 50-50 chance of breaking out to either the upside or downside although the previous momentum or trend was bearish, so just keep that at the back of your head as you await this break out.
So, what's happening next?
A. A breakout to the downside will bring SHIB potentially to back 1700.
B. A breakout to the upside will bring SHIB potentially to 2550
MACD: Below zero level.
Stoch RSI: Oversold Region
A breakout to the upside could potential be the beginning of a trend change as it will break key resistance @ 2350 and breaking the Descending Red Resistance Trend Line.
Price action is KING!
Always remember to place your Stop Loss.
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
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More power to all your trades, my friends!
Ron
Intrepid_Trader