🔥 SHIBA High Risk / Reward Reversal: Oversold Bounce
Updated
SHIBA is trading inside a sideways wedge pattern. This pattern has been playing out for nearly a year now, so the expectation is that the support will cause some kind of bounce.
A less risky approach would be to take profits around 1000 instead of 1300.
To add to this analysis, the 3-day RSI is approaching oversold levels very rapidly. An oversold 3-day RSI can often cause a major long-term bottom to be set.
A less risky approach would be to take profits around 1000 instead of 1300.
To add to this analysis, the 3-day RSI is approaching oversold levels very rapidly. An oversold 3-day RSI can often cause a major long-term bottom to be set.
Comment
Entry hit👀Comment
Bounce is playing out as expected 🚀Comment
Came close to SL, but signal still in play
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