🔥 SHIBA Bear Flag: Volatility Expected
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Since yesterday's massive sell-off, SHIBA has been following a clear triangular pattern, also known as a flag. Since the pattern appears during a bearish trend, it's a bear flag.
Consolidation patterns, like this flag pattern, often result in a volatile move once the pattern is complete. Since this is a bearish continuation pattern, statistically a bearish break out would be more likely.
However, the current dip is being bought up very quickly, so I wouldn't be surprised if SHIBA made a bullish move withing the next couple of hours.
In case of a bullish break out, wait for the price to close above the yellow dotted line before entering. Same goes for bearish, but on the other side of the pattern.
Targets placed at recent local tops and bottoms.
Happy trading!
Consolidation patterns, like this flag pattern, often result in a volatile move once the pattern is complete. Since this is a bearish continuation pattern, statistically a bearish break out would be more likely.
However, the current dip is being bought up very quickly, so I wouldn't be surprised if SHIBA made a bullish move withing the next couple of hours.
In case of a bullish break out, wait for the price to close above the yellow dotted line before entering. Same goes for bearish, but on the other side of the pattern.
Targets placed at recent local tops and bottoms.
Happy trading!
Note
Both targets hit, trade was a success.
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