SHIB/USD - Dead Cat Bounce... Likely to retest Support!
SHIB’s recovery from the drop last week was impressive, but bulls failed to push the price above the key resistance at $0.000063, and bears took control again, pushing it under $0.000055, which now also acts as resistance.
This leaves SHIB with the support found at $0.000044. If the bulls fail to step up soon, a retest of the support becomes likely. Failure to hold there and the next support will be found at $0.000032.
The bias is bearish because bulls have failed to break above the resistance and the daily MACD gives no signs of any positivity.
Considering the price action of today, SHIB is more likely to retest the support at $0.000044 than to hope for another rally. As such, traders should be patient before considering an entry as SHIB may provide a better price close to support where, last time, bulls came back in force. Any long entries now can be assessed as high risk.
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This leaves SHIB with the support found at $0.000044. If the bulls fail to step up soon, a retest of the support becomes likely. Failure to hold there and the next support will be found at $0.000032.
The bias is bearish because bulls have failed to break above the resistance and the daily MACD gives no signs of any positivity.
Considering the price action of today, SHIB is more likely to retest the support at $0.000044 than to hope for another rally. As such, traders should be patient before considering an entry as SHIB may provide a better price close to support where, last time, bulls came back in force. Any long entries now can be assessed as high risk.
Like and follow if you like my idea!
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