Shiba Inu (SHIB) The price made the “ideal bearish ichimoku breakout” on the daily Ichimoku chart at the close on Friday. SHIB will see a sharp downward trend for the first time since November 22, 2021. So far, the bears have made no sustained move in the selling pressure. News about the temporary ceasefire in Ukraine could soon contribute to the return of a positive risk perception.
Shiba Inu priceRisks to create new 2022 lows and could drop as low as $0.00001200. On Monday, there was hope to be positioned for the “ideal bull ichimoku breakout.” The threshold to complete most Ichimoku entries has dropped significantly from previous weeks, but the bulls have been unable or unwilling to take advantage of the new positioning.
Instead, the bulls saw the Shiba Inu price decline in the $0.00002800 to $0.00002850 value area on Kijun-Sen and the top of the Ichimoku Cloud. Friday’s close confirmed the ideal bearish ichimoku breakout, which put SHIB in its hardest bearish state since November 2021. SHIB could drop from the $0.00001200 low to the 161.8% Fibonacci expansion very easily and very quickly.
However, despite the bearish trend in the Ichimoku chart, SHIB’s Point and Figure chart continues to show no change since it triggered the idea of a previous long entry. This entry is still valid if traders missed it; this remains a viable entry opportunity before any positive risk-taking sentiment returns to the market.
The hypothetical long entry for the Shiba Inu price was a buy stop order on the three-box reversal of the previous O-column Xs. This entry was triggered at $0.00002800. The entry is still valid. The stop loss is at $0.00001200 and the profit target is at $0.0004540. The transaction represents a 4.33:1 reward for the risk setup. A final stop of two to three boxes will help protect any profits made after entry.
Before the input is triggered meme coin The idea of long trading will be invalid if the price drops to $0.000014 or below. However, if SHIB continues to drop, the entry and stop-loss move together but the profit target remains the same.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.