SHIB / TetherUS

Short

SHIBUSDT 1D: INSIGHT

Updated

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

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