🔥 SHIBA High Risk / Reward Reversal: Oversold Bounce

17 May 2023

SHIBA is trading inside a sideways wedge pattern. This pattern has been playing out for nearly a year now, so the expectation is that the support will cause some kind of bounce.

A less risky approach would be to take profits around 1000 instead of 1300.

To add to this analysis, the 3-day RSI is approaching oversold levels very rapidly. An oversold 3-day RSI can often cause a major long-term bottom to be set.

20 May 2023

Not

Entry hit👀

23 May 2023

Not

Bounce is playing out as expected 🚀

27 May 2023

Not

Came close to SL, but signal still in play