1000SHIBUSDT.P: long setup from daily resistance at 0.006690

May 11

1000SHIBUSDT.P has been stuck in consolidation for a very long time. Unlike most assets that just randomly break out and fly up, here we have a clear level above which a strong rally could start. The coin has remained in accumulation compared to the rest of the market.

The old level was clearly confirmed yesterday with a price strike pip for pip.

The asset is likely preparing for a breakout. After testing this old level, we didn't see any deep correction. On the contrary, there was only a local pullback, which was almost fully bought back today, and the price is approaching the level once again.

WHAT I WANT TO SEE:

• liquidity vacuum beyond level
• volatility contraction on approach
• close retest
• prolonged consolidation
• precise level testing
• price compression (Squeeze)
• at-level close
• extreme close

Where would you place your stop loss in this situation?

May 12

Order cancelled