SHIBA INU | 15-minute chart
SHIBA has just bounced off of support in the current triangle channel it is in. From here it has begun to test and break the resistance set by the purple 200 EMA. It is currently chopping at the 200 EMA, deciding if the 200 EMA will act as resistance or support. If the 200 EMA does act as support, the candles could continue north where they could test and break the yellow 55 EMA and the triangle pattern trend line. If the triangle pattern trend line acts as support, there could be a breakout that could be monitored with the 55 EMA. The 55 serve as support lines to signal exit points.
The opposite of this could easily happen, which could happen if the 200, 55 or triangle pattern trend line serves as resistance. If this happens, the candles could drop back to test the bottom triangle pattern trend line again. From there it could break upward, repeating its current move or it could break south out of the triangle pattern altogether. No crystal ball here, just executing patience, and time will tell!
Obviously, this is not financial advice! Simply sharing my trading journey for educational purposes only. Make your own trades, that is what it is all about. Peace friends!
SHIBA has just bounced off of support in the current triangle channel it is in. From here it has begun to test and break the resistance set by the purple 200 EMA. It is currently chopping at the 200 EMA, deciding if the 200 EMA will act as resistance or support. If the 200 EMA does act as support, the candles could continue north where they could test and break the yellow 55 EMA and the triangle pattern trend line. If the triangle pattern trend line acts as support, there could be a breakout that could be monitored with the 55 EMA. The 55 serve as support lines to signal exit points.
The opposite of this could easily happen, which could happen if the 200, 55 or triangle pattern trend line serves as resistance. If this happens, the candles could drop back to test the bottom triangle pattern trend line again. From there it could break upward, repeating its current move or it could break south out of the triangle pattern altogether. No crystal ball here, just executing patience, and time will tell!
Obviously, this is not financial advice! Simply sharing my trading journey for educational purposes only. Make your own trades, that is what it is all about. Peace friends!
Trade active:
The candles went south of the purple 200 EMA, so the 200 EMA is now serving as resistance again.
Watching now for the candles to potentially continue down and possibly test support on the triangle pattern trend line. From there it could go north and test resistance on the 200 EMA again, or it could break down below the triangle pattern trend line and drop. We'll see!
Watching now for the candles to potentially continue down and possibly test support on the triangle pattern trend line. From there it could go north and test resistance on the 200 EMA again, or it could break down below the triangle pattern trend line and drop. We'll see!