Shiba Inu (SHIBUSD) Remains Bearish As Price Heads Into Discount
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SHIBUSD Analysis – Market Remains Bearish As Price Heads Into Discount
SHIBUSD remains bearish as the price heads into a discount. Following the market structure shift, the price of Shiba Inu has been crashing massively. The market structure shift happened due to the bulls’ inability to keep up with the formation of the higher highs.
SHIBUSD Significant Zones
Demand Zones: $0.000009240, $0.000007790
Supply Zones: $0.000017940, $0.000030000
From the $0.000007790 demand zone, the market structure changed to a bullish one. SHIBUSD began to rally in fractals, forming higher highs and higher lows. The rally continued until the invalidation of the previous highs below the $0.000017940 price level. The market’s direction bias changed from upward as the price failed to form a higher high. Before the massive rally from the $0.000007790 support zone, the market’s overall trend was typically bearish. On August 25, 2022, a lower high formed for the long-time high at the $0.000017940 price level.
The lower high was eventually invalidated on October 28 as prices sought to retest the Fair Value Gap and the bearish order block. On November 9, 2022, SHIBUSD consolidated within the $0.000009240 and the $0.000007790 price levels. The consolidation was a result of the bulls’ accumulation of buy orders at the discount. Prices surged upward following the end of the consolidation as more buyers stormed the market. The market’s structure is bearish as it keeps heading into the discount at the $0.000007790 demand zone.
Market Expectation
The four-hour previous high at the $0.00001169 price level became invalidated as buy-side liquidity (BSL) was taken above it. Should prices head downward after filling the Fair Value Gap (FVG), SHIBUSD is expected to keep declining. This decline might continue until the sell-side liquidity (SSL) at the previous low is taken.
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