SHIBA INULong
Shiba Prints a Triangle, When Will It Break?
Updated
Here on SHIBUSD we can see recent Price Action is outlining a Triangle Pattern having Pushed up through the Sept. Highs after the Pro-Crypto Trump Administration won the Presidency, and being rejected from May Highs!
Price has been able to find Minor Support in the .000023 - .000022 area, but based on Tests 1 and 2 of the Falling Resistance showing Less Volume with each touch, Buyers seem to be losing their strength.
Every Trendline needs at least 3 Tests to Validate their Strength and Probability of holding Price and we are currently waiting on that 3rd Test potentially in the .000027 area.
-If the Falling Resistance is able to hold Price, we could see it decline to the nearest area of Structure being the Support from the Sept. Highs @ .000021 - .000020
-If the Falling Resistance is broken, Price creating a new Higher High must be followed by a significant amount of Volume Validating the Break otherwise it could be a False Break!
The 200 EMA and DSR have printed a Golden Cross increasing the probability of Bullish moves to come!
Indicators:
- Price Trading Above 200 EMA
- RSI Above 50
- BBTrend Printing Green Bars
SHIBUSD we can see recent Price Action is outlining a Triangle Pattern having Pushed up through the Sept. Highs after the Pro-Crypto Trump Administration won the Presidency, and being rejected from May Highs!Price has been able to find Minor Support in the .000023 - .000022 area, but based on Tests 1 and 2 of the Falling Resistance showing Less Volume with each touch, Buyers seem to be losing their strength.
Every Trendline needs at least 3 Tests to Validate their Strength and Probability of holding Price and we are currently waiting on that 3rd Test potentially in the .000027 area.
-If the Falling Resistance is able to hold Price, we could see it decline to the nearest area of Structure being the Support from the Sept. Highs @ .000021 - .000020
-If the Falling Resistance is broken, Price creating a new Higher High must be followed by a significant amount of Volume Validating the Break otherwise it could be a False Break!
The 200 EMA and DSR have printed a Golden Cross increasing the probability of Bullish moves to come!
Indicators:
- Price Trading Above 200 EMA
- RSI Above 50
- BBTrend Printing Green Bars
Note
SHIBUSD has broken the Falling Resistance and with a Large amount of Bullish Volume leading me to believe it is a Valid Break!
-Now we must wait for Price to Create a Higher High and Retest the Break of Falling Resistance.
Trade active
Price Gave us a Higher High and has come down to Test the Previous Level of Structure!
Added Coins
Note
Price has come down and retested the Break of Falling Resistance and is now moving back up!!
Very Bullish Sign!!
Note
Price has decided to come back down and retest the Falling Resistance deeper and make a Pullback to the 38.2% Fibonacci Level @ .00002479 twice and currently Price is on the rise!
Added Coins
Novi_FIbonacci
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