Shiba Inu’s price action is down by a smidgeon compared to last Monday. Bulls should be careful and take downside risks to the bare minimum around the bottom of the Ichimoku cloud. A new long opportunity has emerged on the $0.0000025/3-box reversal Point and Figure Chart.
Shiba Inu prices have continued to fall in small increments over the last week. However, there seems to be a strong support zone built right under the Ichimoku cloud at the bottom, preventing the selling pressure.
Where is the stock heading?
This could prove to be a potential bullish breakout opportunity for the Shiba Inu.
After a significant number of lows, the stock finally appears to be predicting bullish growth in the future. Except for the current close above the Ichimoku Cloud, all of the conditions for an ideal bullish Ichimoku breakout are met. There is a resistance zone at around the level of $0.000029. If bulls somehow manage to push over that, it will complete the breakout pattern and will most likely lead the price to rise to $0.000054.
Could this be a complete reversal of the trend?
An extended theoretical entry for Shiba Inu prices is a buy stop order on a three-box reversal of Xs off the current O-column. That entry would happen at $0.000028 at the time of publication. The profit target is $0.000454, and the stop loss is a four-box stop. For the risk setup, the trade represents a 4.33:1 reward.
Furthermore, as SHIBA continues to fall, the entry and stop-loss levels move in lockstep – but the profit target remains constant. Under the rising pressure, if the stock price rushes towards another low of $0.000014 or lower before the entry is triggered, the long trade idea is null and void.
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If the selling pressure that’s been building up succeeds in dragging the price to a staggering $0.0000217 or below, then it would mean that a bearish Ichimoku pattern has occurred that will, in turn, cause a bearish projection for the Shiba Inu ahead. As a result, bulls must keep Shiba Inu within the daily Ichimoku cloud at all times.
