The 1-day chart of SHIB/USDT reveals a promising bullish setup in the form of a triangle pattern.
Triangle Formation: The chart shows a clear descending triangle pattern, which is a bullish reversal pattern that often precedes a significant price increase. This pattern is formed by two converging trend lines, creating a triangle shape.
Wave E: We are currently in wave E of this triangle pattern, which is the final wave before a potential breakout.
Entry Point: The entry point for this trade is the breakout of the upper trendline of the triangle pattern.
Targets:
* Target 1: The first target is located at the resistance level above the triangle pattern.
* Target 2: The second target is significantly higher, at the previous all-time high.
Invalidation Level: A daily candle closing below the invalidation level would invalidate this analysis.
Risk Management:
* Stop Loss: Place a stop-loss order below the invalidation level to protect your capital.
* Take Profit: Consider taking partial profits at the first target and moving your stop-loss to entry to secure your gains.
Remember, this analysis is based on technical factors and past performance. It's essential to conduct your own research before making any investment decisions.
If you're looking for a high-potential coin with a strong community and a promising future, SHIB could be worth considering.
Disclaimer: This is not financial advice. Please do your own research before making any investment decisions.
