Shiba is currently among least bearish altcoins in the market. Price declines in a descending channel. The structure appears to be bullsih-corrective. Therefore I am looking to trade one more leg to the upside.
Elliott:
We are able to count an ABC (in blue minuscule), which is part of a larger wave ii in green. If correct, we see one more (and final) leg to the upside. The lengthy wave ii seems a bit unusual, but looking at the previous fractal (red zone) we do have a comparable case. The blue box is the .236-.382 Fib retracement zone where a wave 4 typically reverses.
Geometry:
The fractal marked with red can give us an idea about the current re-accumulation. We need a breakout from the pitchfork (blue dashed line) for confirmation.
Gann:
Support: 4060, 3115
Resistance: 5130, 6324, 7644, 14174
How I trade it:
A breakout from the descending channel would be the classic long signal (blue dashed line). An entry above the breakout area keeps us safe in case we are wrong. The goals is to participate in wave (v).
Elliott:
We are able to count an ABC (in blue minuscule), which is part of a larger wave ii in green. If correct, we see one more (and final) leg to the upside. The lengthy wave ii seems a bit unusual, but looking at the previous fractal (red zone) we do have a comparable case. The blue box is the .236-.382 Fib retracement zone where a wave 4 typically reverses.
Geometry:
The fractal marked with red can give us an idea about the current re-accumulation. We need a breakout from the pitchfork (blue dashed line) for confirmation.
Gann:
Support: 4060, 3115
Resistance: 5130, 6324, 7644, 14174
How I trade it:
A breakout from the descending channel would be the classic long signal (blue dashed line). An entry above the breakout area keeps us safe in case we are wrong. The goals is to participate in wave (v).
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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.
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.