I'm expecting a continuation in SHIBUSD's run. As shown we have an ascending triangle which is indicative of a continuation. With about a 2:1 reward to risk ratio. RSI seems to be playing off of just below 50 for previous longs. I expect RSI to dip to or below 50 after a possible additional bounce off the bottom of the triangle where the 21 ema will also coincide. Looking for a close above the top of the triangle on the hour chart. Please comment and let me know if you agree or disagree or have questions.
Curious, couldn’t this be a bearish rising wedge? Only reason I ask is because the top price on the second is higher than previous top. Anna ending triangle has a flat price top, not angled, correct? I see it slightly up. The only reason I was guessing this was bearish was because on the 2h chart the 2nd “pump” or “test” or previous 0.000045 area failed to make a new HH, which indicts selling pressure increasing. I believe we may drop to $0.000035 and the lowest could retest the $0.00003 and if so, buy the fuck out of it 😂 I could be wrong, but I got out of my position to rebuy the dip if that’s the case.
jbwathen89
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@jbwathen89 don’t get me wrong, I can definitely see an ascending triangle as well, but do these really change in this direction? I’m new to patterns, so I’m trying to figure out how these both look the same from a previous low up, and are near damn identical, but are called two different things. 😂
BlueSunFun
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@jbwathen89, many trading patterns do look similar. Too you have to take into context that we are in a bull market with Shiba Inu being extremely bullish.
BlueSunFun
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@jbwathen89, the ascending triangle top does not need to be exact. As you can see it did break out. We waited on the candle to close about the top line before the buyin if you weren't already holding.
BlueSunFun
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@jbwathen89, ascending triangles are generally bullish continuations while a descending triangle would be a bearish continuation.