Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion BTC and SHIB formed a sideways market structure into the weekend. Hodlers’ gains fluctuated but could improve if BTC reclaims $25K. Shiba Inu [SHIB] traded within a range into the weekend. It followed Bitcoin’s […]
SHIB rallied after the release of the U.S. CPI data but faced price rejection at the $0.00001400 level. It shrunk by about 9% and found steady ground below the 38.2% Fibonacci retracement level on Friday.As such, investors can target the upper and lower end of the range for gains as long as BTC consolidates within the $25K – 24.42K range.
Short-term bulls could aim at $0.00001341 for gains. However, SHIB could surge to $0.00001400 if BTC swings above the $25K level.On the other hand, short-sellers could target the 61.8% and 50% Fib levels for shorting opportunities whenever SHIB faces rejection at $0.00001341 and moves southwards.The Relative Strength Index on the three-hour chart moved sideways along the mid-level. It shows the market structure was neutral and could move in either direction depending on BTC’s price action.
The sideways market has seen short-term holders’ gain drop and fluctuate into the weekend, as evidenced by the 30-day MVRV ratio. But holders’ profits could improve if BTC surges above $25K.Subscribe to get it daily in your inbox.
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