A Warning for Shiba Inu Investors
A popular analyst named Cheds believes that the recent rally in Shiba Inu (SHIB) could be a trap for bullish investors. He points out that while SHIB has seen a bounce in a downtrend, it may be setting up for a short position soon. The analyst warns that bulls expecting a reversal and a strong bull run may be disappointed.
Key Points:
1. Shiba Inu is currently experiencing a surge within a macro downtrend.
2. The rally may trap SHIB bulls who are hoping for a trend reversal.
3. Signs of exhaustion and a potential blow-off top are starting to appear.
4. The analyst’s bearish stance will change if SHIB surpasses $0.00001075.
5. Shiba Inu has been on an upward move since hitting its low in June.
Cheds also shares his thoughts on Bitcoin, suggesting that it may have already hit a local bottom around $28,600. He believes that this price level satisfies the initial call for a mean reversion and adds importance to that zone.
Hot Take: Beware of Shiba Inu’s Rally
According to analyst Cheds, the recent rally in Shiba Inu may not be as promising as it seems. Bulls hoping for a reversal and a strong bull run may be setting themselves up for disappointment. Cheds warns of signs of exhaustion and a potential blow-off top, suggesting a bearish stance. However, if SHIB manages to rally above $0.00001075, his perspective may change. Investors should be cautious and closely monitor the price action of both Shiba Inu and Bitcoin.
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