A couple of weeks ago I made an analysis on SHIBA and the bearish structure it was trading in.
As of this weeks news, the bears finally got the bearish push they were hoping for. The May capitulation lows didn't even offer any support and the price fell right through, ideal market action for bears.
In my view, this will be the start of a new bear trend. SHIBA is likely to give up virtually all gains made in late 2021 and fall back all the way to the initial support of 600 sat. Expect strong buying pressure around that area, we might see a decent reversal coming from there.
As of this weeks news, the bears finally got the bearish push they were hoping for. The May capitulation lows didn't even offer any support and the price fell right through, ideal market action for bears.
In my view, this will be the start of a new bear trend. SHIBA is likely to give up virtually all gains made in late 2021 and fall back all the way to the initial support of 600 sat. Expect strong buying pressure around that area, we might see a decent reversal coming from there.
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