Hey there, crypto traders and enthusiasts! Are you keeping tabs on SHIBA Coin? It has been consolidating in a triangle pattern for a while now, and it finally broke out of it. This has many of us wondering if it's about to experience a significant price surge.
But before we get too excited, we need to confirm the breakout. We should wait for a daily candle to close above the triangle line and a pullback to that line on a 1-hour or 15-minute chart otherwise we assume this as false breakout. It's also worth noting that the 200-day moving average is another resistance level that needs to be broken. We'll need to see a strong green candle to confirm that it has broken through this resistance.
I wanted to share this potential trading opportunity with you all and discuss the strategy to approach it. However, please keep in mind that this is not a trade suggestion. Let's instead use this as a tutorial on how to approach this type of market situation.
So, what do you all think about SHIBA Coin? Are you bullish on its potential to skyrocket or do you think it might fizzle out? Let's chat and share our insights!
P.S. This is not advice to buy or sell, that's just an analysis that needs to consider too.
Always make your analysis before a trade.
But before we get too excited, we need to confirm the breakout. We should wait for a daily candle to close above the triangle line and a pullback to that line on a 1-hour or 15-minute chart otherwise we assume this as false breakout. It's also worth noting that the 200-day moving average is another resistance level that needs to be broken. We'll need to see a strong green candle to confirm that it has broken through this resistance.
I wanted to share this potential trading opportunity with you all and discuss the strategy to approach it. However, please keep in mind that this is not a trade suggestion. Let's instead use this as a tutorial on how to approach this type of market situation.
So, what do you all think about SHIBA Coin? Are you bullish on its potential to skyrocket or do you think it might fizzle out? Let's chat and share our insights!
P.S. This is not advice to buy or sell, that's just an analysis that needs to consider too.
Always make your analysis before a trade.