Down channel:
On the daily timeframe chart, since 20th May the price line of Shiba Inu is moving in a down channel . It was moving between the resistance and support of this pattern very well but after hitting the resistance of the channel on 6th of July (when the SHIBASWAP was launched ) the price action was rejected by the resistance. Now it is moving towards the support of this channel.
Bullish BAT:
On the daily time frame chart, the price line of SHIB is completing the final leg of bullish BAT .
For day traders, the buying and sell targets of this pattern according to the Fibonacci sequence of the bullish BAT are as below:
Buy between: $0.00000645 to $0.00000605
Sell between: $0.00000742 to $0.00000886
The maximum extent of the buying zone $0.00000886 can be used as stop loss. As per the above targets, this trade has a profit possibility of up to 46%, and the loss possibility is 7%.
The Ichimoku cloud:
On the daily time frame chart, it can be also seen that the Ichimoku bearish cloud is getting weaker. And soon it can be turned bullish . Now it is also possible that when the price line of the Doge killer the SHIB token will take the bullish divergence from the potential reversal zone of the bullish BAT , then it can also make another attempt to break out the resistance of the channel. And while breaking out the resistance of the channel the candlesticks of Shiba inu can also break out the Ichimoku bearish cloud as well. Once the price action of SHIB token will breakout the Ichimoku bearish cloud then a real bull run of Shiba Inu can be started.
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You can also support my work at Patreon for more ideas:
https://www.patreon.com/moon333
In order to play and watch the current performance of the chart you need at least a free account on tradingview:
https://www.tradingview.com/gopro/?share_your_love=moon333
KuCoin is one of the best exchange to find crypto gems:
https://www.kucoin.com/ucenter/signup?rcode=rJSDVT3
Link for Binance exchange, to trade crypto:
https://www.binance.com/?ref=11256882
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.