SHIB - CAUGHT IN A DESCENDING TRIANGLE! What's Happening Next?Happy TGI-Friday, 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.
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SHIB broke out of the Horizontal Triangle towards the downside and has, as of this writing, found support at the Blue Horizontal Support which was the level of support for SHIB a week ago.
So what's happening next?
SHIB could be ranging in this Horizontal Triangle for now, and as it does it could re-test the Green Trend Line of the triangle.
Breaking out of the triangle toward the upside could bring SHIB up towards the Red Horizontal Resistance Bar above at 4000.
Downside breakout will bring SHIB down towards 2550 and eventually to the Green Horiztonal Support Bar.
Always remember to place your Stop Loss.
Price action is KING!
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
