Shiba Inu (CRYPTO: SHIB) was trading near flat during Tuesday’s 24-hour trading session, in continued consolidation after soaring 30% between Feb. 1 and Saturday.
Over the last three days, Shiba Inu’s volume has been decreasing, which confirms consolidation. The crypto’s consolidation may be taking place within a bull flag pattern.
The bull flag pattern is created with a sharp rise higher forming the pole, which is then followed by a consolidation pattern that brings the stock lower between a channel with parallel lines or into a tightening triangle pattern.
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For bearish traders, the “trend is your friend” (until it’s not) and the stock may continue downwards within the following channel for a short period of time. Aggressive traders may decide to short the stock at the upper trendline and exit the trade at the lower trendline.
Bullish traders will want to …
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