Shiba Inu Running Out of Time... Rally Coming? Or Danger Ahead?!Shiba Inu token (SHIB-USD) has broken even lower as illustrated with the modified primary PURPLE pattern . While we pierced down below our 38.2% retrace mark 3 times now, there isn't anything particularly bullish happening. If that changes, we should start seeing impulsive behavior very soon.
However, there is now an alternate RED pattern , which has us already beginning a deeper C-wave much lower to complete a much lower wave II pullback. We're looking at as much as 62% downside! Because many altcoins have deceptive, unclear charts, I'm relying on BTC and ETH as an indicator on the overall crypto sector sentiment.
At this time, both BTC and ETH are taking an ominous turn, which has the RED alt pattern looking more and more likely each day. If those two display immediate signs of a crash, it is probably best to sell or at least unload part of your holdings in SHIB. If the ensuing crash occurs, you may have a much better BUY opportunity then. What will a crash setup look like in BTC? Check out my just-published chart on that! (We very likely have a 1st-wave down and should see a 2nd-wave corrective bounce upward soon...)
Check out my explainer vid on YT!
I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.
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