AmirAli4bdi

I expect a neutral and indecisive market in the future.

BINGX:SHIBUSDT.PS   SHIB / TETHER Standard Futures

See, I don't want to give you false hope because we're in the stock market and looking to make money. In some analyses, I've seen people drawing two lines and claiming it resembles a triangle pattern, playing with people's capital, which is truly shameful. Let's forget that. Two months ago, we witnessed a strong upward trend with high momentum, where this currency saw about a 400% growth. It's been about two months now that we've been in a corrective phase, and the price is consolidating at a point.

As I've written on the chart, this is the third continuation trend line, indicating a weakening downward trend, and we're now entering the trading range phase. Given Bitcoin's situation and other market conditions intertwined with the price, I currently don't expect significant price increases, at least not this month. The time conditions will be violated when the first resistance, which I labeled as "First Minor R" on the chart, is broken with a strong candle. For now, my buying points are at supports and my exit points are gradually at resistance levels on the chart. Keep in mind that after breaking the trend line, don't expect a rapid move because buyers and sellers will have to make decisions regarding the price in the next few days, and their conflict creates a trading range or what we call a ping-pong movement and market indecision.

Wishing you profitable trades.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.