Shiba Inu slips beneath bullish order block – what should you expect

ShibaInu slips beneath bullish order block - what should you expect

stayed afloat above a support zone. It had a bullish outlook at press time, but this could change soon. The next significant levels of support for SHIB were 7% and 11% further south.While the RSI continued to move above neutral 50 to show bullish momentum, the market structure had been broken. The session close below the $0.0000113 mark flipped the bullish order block to a bearish breaker as well.

To the south, the area at $0.0000103-$0.0000106 was likely to be revisited. This level posed stiff opposition to SHIB two weeks ago but was eventually beaten. Buyers could wait for a bullish reaction in this area before looking for buying opportunities. Meanwhile, aggressive Shiba Inu traders could look to enter short positions on a revisit to $0.000011, the bearish breaker. Their invalidation would be set above the order block, and the take-profit orders can target the $0.0000103 region.Source:The Open Interest took a huge hit in the past few days. It saw a remarkable surge in price. Alongside, a million dollars’ worth of short positions were liquidated in a four-hour session on January 18.

Since then, the OI has slipped lower and lower. In recent hours of trading, the fall beneath the bullish order block saw $800k worth of shorts liquidated inside a four-hour session. The slump in OI and prices showed that bullish sentiment had abated considerably.Subscribe to get it daily in your inbox.

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