Shiba Inu/ USDButterfly Pattern Formation on Shiba Inu:
It starts with a bullish XA move. AB is then Bullish. BC is bearish, and CD is Bullish again.
XA: This can be any price activity on the chart. There is no specific price movement in Butterfly pattern.
AB: The AB move should be 78.6 % Fibonacci of XA.
BC: The BC move should finish between 38.2% and 88.6% Fibonacci of AB.
CD: The CD move will be the final part of the pattern and often extends forming 127%, 161.8% or 224% of AB extension.
The target price of the pattern can be 3 intermediate targets before the final target which are:
Target 1: point B swing.
Target 2: Point X swing.
Target 3: 161.8% of AB.
Target 4: 224% of AB.
Falling Wedge (Contracting or Symmetrical Triangle): When the top resistance is declining and bottom support is raising a contracting or symmetrical triangle is formed. In case of Shiba Inu we are waiting for the breakout of the current pattern.
Disclaimer: “The above is an idea only and not any kind of financial advice so please do your own DD (Due Diligence) before any kind of investment”.
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