- Shiba Inu price develops a powerful bullish entry condition on its Point and Figure chart.
- The bullish continuation pattern on the Ichimoku chart compliments the Point and Figure entry idea.
- Limited downside risk ahead when compared to potential gains.
Shiba Inu price triggered an event that has not been triggered since October 2021: an Ideal Bullish Ichimoku Breakout. When the Ideal Bullish Ichimoku Breakout is confirmed, instruments often have long and sustained uptrends, something SHIBA has not seen in five months. However, SHIBA did drop below the Cloud, and bulls now await another confirmation to go long.
Shiba Inu price must close at $0.000027 before it can target $0.000040
Shiba Inu price action on the daily chart needs to close at or above $0.000027 to confirm an Ideal Bullish Ichimoku Breakout. Despite the selling pressure near and above $0.000030, bulls have maintained a stable value area near $0.00025 to $0.000027. A massive short squeeze could likely begin very soon.
A hypothetical long entry identified two weeks ago was triggered at $0.000028 and continues to move higher. The stop loss for that long setup is $0.000024, and the profit target at $0.000040. Now, the ideal setup would be a pullback with a new O-column, which would promptly reverse again to print another X-column.
The result would be the most bullish Point and Figure pattern in Point and Figure charting: the Bullish Catapult. In that scenario, the original profit target of $0.000040 would likely be extended by another 10% to 15%.
There is a theoretical short setup that remains valid for Shiba Inu price. The entry is a sell stop order at $0.000021, a stop loss at $0.000025, and a profit target at $0.000010. If triggered, the entry would not only confirm a Triple Bottom Breakout, but it would confirm a Bullish Fakeout setup.
The short entry is invalidated if the current X-column moves to $0.000030.