Shiba looks prepped for a run.Shiba Inu was trading about 4.5% lower on Thursday in a second day of consolidation after over 21% higher on Tuesday, after Robinhood announced it had listed it.
The price action on Wednesday and Thursday has taken place completely within Tuesday’s trading range, which has created a double inside bar pattern on the daily chart. An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend.
Shiba Inu’s double inside bar pattern leans bullish because the inside bars are being formed near the top of the mother bar. The pattern also leans bullish in this case because Shiba Inu was trading higher before forming the inside bars.
On Thursday, Shiba fell down to the eight-day and 21-day exponential moving averages to test the levels as support and bounced up slightly. As long as the crypto continues to hold above the eight-day EMA, the eight-day will continue to trend above the 21-day EMA, which may give bullish traders the confidence to remain in their positions.
Thursday’s price action caused Shiba Inu to confirm it’s started to trade in an uptrend pattern, because the low-of-day price has created a higher low. If the pattern continues to play out, Shiba Inu will rise up to create a higher high above Tuesday’s high-of-day at the $0.00003 mark.
If Shiba Inu continues to trade within Tuesday’s mother bar on Friday and perhaps into the weekend, the crypto may settle into a bull flag pattern on the daily chart. If it does, and the pattern is recognized, the measured move is about 36%, which indicates Shiba Inu could soar up toward the $0.0000344 area.
Shiba Inu has resistance above at $0.00002640 and $0.00002958 and support below at $0.00002333 and $0.00002012.
SHIBUSD trade ideas
SHIBA Brokeout of 2 trendlines; jumped 30%This is an update from the previous post w/c finally plays out.
SHIBA just brokeout 2 trendlines with a big green candle. However, it must have a follow-up candle to confirm the BO. A pullback is imminent but it also must hold 0.0000275 to be bullish.
The different TP levels remains unchanged.
Not trading advice
SHIBA Volatile Move Ahead: Triangle Analysis FTX:SHIBUSD
Over the course of several months, SHIB has formed a triangle pattern . Triangle patterns are classically ending in a strong climax either way.
Seeing that both crypto and stocks are trading bearish at the moment
most likely scenario will be for SHIB to break bearish
If you have any questions, you can write it in comments below, and I will answer them.
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Shib's Got Upgraded! 200 MA Now in! As a sizeable symmetrical triangle has been forming for quite a while at this point, the price ascension or price decline can and will be massive either way. For the longest time since its release on Coinbase pro, it is never had enough history of the sizeable price measurement to have the 200 day moving average until now. Recently the 200-day moving average has joined the chart on the daily measurement. This is a considerable balance stone for the coin's price history and will be a rocket ship in whatever price direction it decides to go.
Shib's Immense Symmetrical Triangle A sizeable symmetrical triangle has been forming for quite a while at this point; the price ascension or price decline by the width of the starting point and the ending point of this metrical triangle. That is illustrated in this video and the potential next price level for the high and the low.
Note: The measurements start from the point of breakout; at the time of this video, it has not broken out, so that level can change.
Shiba Inu: Double Bottom at PCZ of Bullish GartleyWe have tow bottoms at the .786 retrace PCZ of this Bullish Gartley with the addition of Bullish Divergence and if it plays out Shiba Inu could go absolutely insane as it has historically except this time there would be a tremendous technical argument as to why it does rather than it just being for the memes.
SHIB strong move 40 incomingSHIB is getting ready to clear the YELLOW descending trendline to test the next PURPLE trend resistance.
level to monitor is a break of resistance at 29.
MACD, SQUEEZE on 4H are ready to advance.
Watch for the volume and trendlines to be taken out to spot the impulse and ride it up.
Good Luck