Over the course of a few weeks, SHIB has produced a triiangle on the 1H chart. With BTC making a relatable pattern, it's a pattern we're seeing more often during the last couple of days.
With SHIB currently residing near the support of the triangle, either of two things can happen: either we fall through or we bounce off to resume the pattern.
Keep in mind that the movement of SHIB (and other cryptos for that matter) is highly correlated to the price action of Bitcoin. So before determining which bias you will trade, take a look at what BTC is doing.
Happy trading!
With SHIB currently residing near the support of the triangle, either of two things can happen: either we fall through or we bounce off to resume the pattern.
Keep in mind that the movement of SHIB (and other cryptos for that matter) is highly correlated to the price action of Bitcoin. So before determining which bias you will trade, take a look at what BTC is doing.
Happy trading!
Comment:
SHIB breaking out on the downside, potential sell-off on the horizon, keep an eye on BTC
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