After topping out earlier this month, SHIBA has been trading one direction: down.
During this bearish period, a descending wedge pattern has appeared on the chart. Descending wedges are classically bullish reversal patterns. Seeing that the market's direction is still long-term bullish , I'm seeing a bullish break out as the most likely scenario.
Wait for a big daily candle to confirm the break out. Targets placed at the two most recent highs.
Happy trading!
During this bearish period, a descending wedge pattern has appeared on the chart. Descending wedges are classically bullish reversal patterns. Seeing that the market's direction is still long-term bullish , I'm seeing a bullish break out as the most likely scenario.
Wait for a big daily candle to confirm the break out. Targets placed at the two most recent highs.
Happy trading!