Price analysis after the CPI release: Bitcoin and Shiba INU

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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, SHIB’s relative strength index still stands at 62.32. This RSI value shows us that investors are starting to accumulate SHIB. However, we still need to look for the overbought zone for a retracement.

The chart above also indicates that SHIB traded inside a symmetrical triangle. It is advisable to wait for a breakout of the symmetrical triangle to avoid unnecessary losses on traders’ portfolios. Breaking out of the upper trendline can push the price up to $0.00001016 and if it has more bullish momentum, we can expect SHIB to trade above $0.00001016.

However, the support for 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.

1-Hour BTC/USDT Price Analysis (Source: TradingView)

Bitcoin has finally reversed from the downtrend and the bullish momentum is quite dominant. And it is likely that Bitcoin will be able to break through its low high at $19,121.50. Additionally, Bitcoin is trading above the 200-day moving average. This gives hope to 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 for the foreseeable future. The Relative Strength Index (RSI) is at the 62.65 level, indicating that Bitcoin is close to the overbought region.

Overall, Bitcoin is trading in an uptrend as buyers are still struggling to take control of the market. The sellers still need to gain strength and push the price back below the $18144.54 level.

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