Shiba Prints a Triangle, When Will It Break?Here on COINBASE: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
