December 22, 2023 at 02:04PM Mock Up Price Action for SHIBUSDT | Mid Term (12HR)

Mock Up Price Action for SHIBUSDT | Mid Term (12HR)

SHIBA INU / Tether KUCOIN:SHIBUSDT

Trevictus

Mock Up Price Action for SHIBUSDT | Mid Term (12HR)
- Watching and waiting for opportunities
- I've got 'Crazy', 'Crazier', and 'Dafuq' Mapped Out

Personal Approach & Base Chart Setup
- Stacked Parallel Channels for Grid of Confluence Points
- High Time Frame (HTF) Fib Extensions, Retracements, & Time Cycles
- Red Filled Horizontal Rectangles between areas of major Fib level from Extensions and Retracements
- Price Label Callout with Red Circle highlighting points of interest where I'd consider making a trade
- I will consistently monitor and adjust taking into consideration long/mid/near term price action and market conditions/news
- I do this not to predict the price, but rather, to prepare myself and have a plan for all possible scenarios playing out. So that when the time comes, I can make an informed decision with multiple contingencies having monitored the price action over time and in consideration of multiple scenarios (however unlikely they may be) playing out

December 22, 2023 at 11:21AM Double Bottom

Double Bottom

SHIB / TetherUS BINANCE:SHIBUSDT

soni57

Formation: The Double Bottom pattern is formed after a downtrend and consists of two distinct troughs (or lows) at approximately the same price level, separated by a peak (the "bottoms"). The line connecting the peaks is called the neckline.

Reversal Signal: The Double Bottom is a bullish reversal pattern, suggesting a potential change in the trend from bearish to bullish. The confirmation of the pattern occurs when the price breaks above the neckline. This breakout is seen as an indication that buying interest has overcome selling pressure, potentially leading to an upward trend.

Volume: Analyzing volume is often crucial when identifying the Double Bottom pattern. Generally, traders look for an increase in volume as the price breaks above the neckline, supporting the validity of the reversal.

Target: The distance from the neckline to the bottoms can be measured and then added to the breakout point. This measurement provides an estimate of how far the price might move upward following the breakout.

The Double Bottom is one of several chart patterns used by technical analysts to make predictions about future price movements. Like all technical analysis tools, it's essential to consider the pattern in the context of other indicators and market conditions. No pattern guarantees a specific outcome, and risk management is crucial when making trading decisions.

December 22, 2023 at 10:06AM Bullish Triangle

Bullish Triangle

SHIB / TetherUS BINANCE:SHIBUSDT

jeslinsujin57

Bullish Patterns:

Inverse Head and Shoulders: This pattern consists of three lows with the middle low being the deepest. It indicates a reversal from a downtrend to an uptrend.
Double Bottom: Similar to the inverse head and shoulders, it signifies a reversal and is formed by two lows at roughly the same price level.
Inverse Head and Shoulders (Head and Shoulders Bottom):

Formation: This pattern consists of three lows, with the middle low being the deepest (the "head"), and the other two forming higher lows (the "shoulders"). The line connecting the highs of the shoulders is known as the neckline.
Reversal Signal: The Inverse Head and Shoulders pattern is considered a bullish reversal pattern. Once the price breaks above the neckline, it is often interpreted as a signal that the downtrend may be reversing, and an uptrend might be beginning.
Double Bottom:

Formation: The Double Bottom pattern is formed by two lows at approximately the same price level, separated by a peak (the "bottoms"). The line connecting the peaks is the neckline.
Reversal Signal: Similar to the Inverse Head and Shoulders, the Double Bottom is also a bullish reversal pattern. The breakout above the neckline suggests a potential reversal of the preceding downtrend and the start of a new uptrend.
Both patterns are part of technical analysis, which involves studying historical price charts to predict future price movements. Traders often use these patterns, along with other technical indicators, to make informed decisions about buying or selling financial instruments. It's important to note that while these patterns can be useful, they are not foolproof, and traders should consider multiple factors in their analysis.