Shiba Inu is breaking out! Take a huge profit here.
- Shiba Inu is absolutely prepared for a massive uptrend on the daily chart! We can see that the price is breaking out of the falling wedge pattern.
- This falling wedge pattern is not a standard wedge because it is also an ending diagonal from the Elliott Wave perspective, which is a powerful combo.
- Also, on the RSI indicator, we can spot a bullish divergence between the swings. It's also a strong indication that the bears are losing steam.
- It's a great time to open a long position on the futures market, as I already did!
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- Now the most important question is: where is the profit target? On the way up, you obviously want to target strong resistance.
- Strong resistance is undoubtedly the start of the previous GAP + top of the parallel channel, and if the bulls break this level, the previous consolidation structure's POC will be reached. You can see these levels on the chart!
- If you haven't seen my analysis about Bitcoin's exponential pump, then you must, so check out my related section down below.
- December was an extremely good month when it came to opportunities in the crypto market, and January is starting very positively as well.
- Thank you, and for more ideas, hit "Like" and "Follow"!
