I'm new to TA, so take this for what its worth. That said, any feedback on my read is appreciated.
At the 4H chart, I marked the parallel channel in dashed yellow to emphasize the downard channel through March which looks to have been formed by penants that skewed downard but failed to break decisively. As that spring tightens, we're more and more likely to see something come loose.
I'm selling it short with a quick stop-loss.
This is despite reports lately that whales have been accumulating SHIB, and other reports about the billions of SHIB that have and will be burned through tomorrow (March 15). In regard to the burn, those numbers aren't as large as they seem given the total supply of this token. And in regard to whale accumulation: all I can say is that's what whales do. These and other things may affect the price more than I anticipate, but my money is on it staying bearish.
At the 4H chart, I marked the parallel channel in dashed yellow to emphasize the downard channel through March which looks to have been formed by penants that skewed downard but failed to break decisively. As that spring tightens, we're more and more likely to see something come loose.
I'm selling it short with a quick stop-loss.
This is despite reports lately that whales have been accumulating SHIB, and other reports about the billions of SHIB that have and will be burned through tomorrow (March 15). In regard to the burn, those numbers aren't as large as they seem given the total supply of this token. And in regard to whale accumulation: all I can say is that's what whales do. These and other things may affect the price more than I anticipate, but my money is on it staying bearish.
Trade active:
Looking at the sub-4H charts, its showing signs of the same non-commital continuation within that 4H bearish channel.
I've kept my short open for now, but I'm likely to close it if it continues to middle.
I'd prefer short-term trades with more decisive action one way or another. Gotta watch the sideways ones too closely to make them worth the time and interest.
Agree/disagree? Y'all let me know what you think.
I've kept my short open for now, but I'm likely to close it if it continues to middle.
I'd prefer short-term trades with more decisive action one way or another. Gotta watch the sideways ones too closely to make them worth the time and interest.
Agree/disagree? Y'all let me know what you think.