Shiba Inu (SHIBUSD) Plunges Lower As Price Flips Bearish From An Overbought Region
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SHIBUSD Analysis: Market Plunges Lower As Price Flips Bearish From An Overbought Region
SHIBUSD plunges lower as the price goes bearish from an overbought region. Following the bearish divergence that was revealed by the RSI (Relative Strength Index), SHIBUSD crashed massively to the downside. The overall market trend has been bearish since the beginning of the year 2023. Until a major flip to the upside occurs, SHIBUSD is likely to remain bearish for a long time.
SHIBUSD Significant Zones
Demand Zones: $0.00000700, $0.00000600
Supply Zones: $0.00001190, $0.00001590
At $0.00001590, the market plunged aggressively under the selling pressure from the premium zone. Due to the selling pressure, SHIBUSD failed to form a higher high above the $0.00001590 price level. A lower high formed at $0.00001400 as the price veered downward again. The massive descent that ensued after the formation of the lower high at $0.00001400 sank the price below the previous support of $0.00001190. The breakout through the previous support of $0.00001190 caused a market structure shift to the downside. The market structure shift to the downside implied that the market was now completely under the control of the bears.
Following a short-term retracement at $0.0000970, SHIBUSD hit $0.00001190 and crashed further to the downside. The downtrend continued into the $0.00000600 demand zone before making a significant correction to the upside. The upward correction extended beyond the previous highs until the price entered a premium range. According to the RSI indicator, a bearish divergence ensued as the price formed a higher high in an overbought region. The bearish trend has resumed as the weak low at $0.00000880 was invalidated on August 17, 2023.
Market Expectation
The invalidation of the $0.00000880 low caused a Change Of Character (CHOCH) to the downside on the four-hour chart. The CHOCH was followed by a liquidity sweep below the Equal Low (EQL) at $0.00000810. For investors, SHIBUSD is expected to continue its bearish trend once the price hits the breaker block at $0.00000880.
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