Price Analysis After CPI Release: Bitcoin and Shiba INU
SHIB/USDT 4-Hour Price Analysis (Source: TradingView)
Shiba INU has been trading above the 200-day moving average since January 8, 2023. Looking at the 4-hour chart of Shiba INU below, the relative strength index of SHIB still stands at 62.32. That RSI value shows us that investors are starting to accumulate SHIB. However, we still need to look out for the overbought zone for a retracement.
The above chart also states that SHIB has been trading inside a symmetrical triangle. It is advisable to wait for a breakout from the symmetrical triangle to prevent unnecessary loss on traders’ portfolios. Breaking out of the upper trendline can push the price to rise to $0.00001016 and if it has more bullish momentum, we can expect SHIB to trade above $0.00001016.
However, the support of SHIB lies at $0.00000817 which is the strong support zone in the 4-hour time frame. If SHIB breaks the lower trendline, we can expect SHIB to retest at $0.00000817.
BTC/USDT 1-Hour Price Analysis (Source: TradingView)
Bitcoin finally reversed from the bearish trend and the bullish momentum is quite dominant. And it is likely that Bitcoin will be able to cross over its weak high at $19121.50. Moreover, Bitcoin has been trading above the 200-day moving average. This is giving hope to the buyers to accumulate more Bitcoin at the current discounted price.
The Bollinger bands are contracting with the upper Bollinger band present at $19305, while the lower Bollinger band is at $18108, suggesting that the price will remain bullish in the near future. The Relative Strength Index (RSI) is at the level of 62.65, indicating that Bitcoin is close to the overbought region.
Overall, Bitcoin is trading in a bullish pattern, as the buyers are still struggling to take control of the market. The sellers still need to gain some strength and push back the price below the $18144.54 level.