Verzichterklärung: D'Resultater vun der folgender Analyse sinn déi eenzeg Meenunge vum Schrëftsteller a sollten net als Investitiounsberodung ugesi ginn.
After breaking out of its falling wedge in early September, Shiba Inu's [SHIB] bull run saw an erwaart reversal from the $0.0134-$0.0138 resistance range. (For brevity, SHIB prices are multiplied by 1,000 from here on).
Consequently, the sellers re-entered the market to propel a pull towards the lower band of the Bollinger Bands (BB) in a reversal pattern.
Going forward, a plausible U-turn from the confluence of resistances near the basis line (green) of the BB can hinder the recently-found buying pressure. At press time, SHIB was trading at $0.01133.
SHIB deeglech Diagram
Quelle: TradingView, SHIB/USD
Post inflicting a concrete bullish volatile break in mid-August, SHIB sellers pulled the altcoin towards its sideways track in the $0.01217-$0.0134 range.
After oscillating in this range for nearly a month, the selling pressure kept mounting on its baseline support. The resultant decline shaped into a down-channel (yellow) that pulled SHIB below its 20/50 EMA alongside the basis line to paint a bearish picture.
However, the recent down-channel breakout tested the 50 EMA (cyan) and the $0.01217-resistance (previous support). Also, a bearish hammer candlestick reaffirmed the selling intentions to constrict the buying power in the $0.0115-$0.012 range.
With the near-term EMAs still looking south, sellers would look to sustain their momentum in the coming sessions. A decline below the immediate resistance can propel a retracement toward the $0.0104-$0.0108 range.
Any jump above the $0.01217-level would confirm the invalidation of the press time bearish bias. In these circumstances, buyers would look to test the upper band of the BB.
Rationale
Quelle: TradingView, SHIB/USD
The bears were quick to undermine the bullish pressure and pull the Relative Strength Index (RSI) back into the bearish zone. A sustained sway below the midline would keep aiding the selling efforts in the coming times.
To top it up, the Chaikin Money Flow’s (CMF) and Accumulation Distribution’s (A/D) lower peaks over the last few days bearishly diverged with the price action. These readings resonated with the broader bearish outlook.
Konklusioun
Given the bearish hammer candlestick from the 20/50 EMA and the basis line resistances, SHIB could see a near-term setback before picking itself up.
Any breach above $0.01217 could confirm a bearish invalidation. In either case, the Ziler géif déi selwecht bleiwen wéi diskutéiert.
Finally, the altcoin shares a 73% 30-day correlation with Bitcoin. Hence, keeping an eye on Bitcoin’s movement with overall market sentiment would be essential in identifying any bullish invalidations.
Source: https://ambcrypto.com/shiba-inu-shib-buyers-may-want-to-consider-this-before-taking-a-long-position/