- My analysis suggests that Shiba Inu may experience a downward trend soon. To explain this, I'll first discuss the concepts of premium and discount in trading. An asset is at a premium when its price is trading above its fair value and at a discount when it's below its fair value. Traders take short positions at the top of equilibrium and long positions at the bottom to take advantage of market inefficiencies.
- Moving on to the reasons for a potential downward trend in Shiba Inu, a bearish symmetrical triangle pattern in the chart suggests a possible downward breakout. Multiple bearish order blocks indicate significant selling pressure in the market. Finally, 3 different strategies, including the bearish symmetrical triangle pattern, bearish order blocks, premium and discount concept, confirm the same bearish bias.
- In conclusion, my analysis indicates a potential downward trend for Shiba Inu. However, traders should always conduct their own research before making any trades.
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I am will wait for another candlestick to appear to take longs on this one. Just broke out the trendline resistance and is now trying to do a reversal/bullish symmetrical triangle. Candle closing in 3 hours
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Am I wrong?
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Price action seems to follow how I drew the curved arrows. Let's see if we can keep the price action in favor with our analysis
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Guess we are right