- A well-known analyst, Cheds, has warned Shiba Inu bulls about a potential trap due to the current rally amidst a macro downtrend.
- Shiba Inu has shown a strong upward trajectory since its 2023 low in June, and Bitcoin may have already reached a local bottom after falling to about $28,600.
Shiba Inu’s Rally: A Mirage in a Macro Downtrend?
Shiba Inu (SHIB), the so-called memecoin, has recently experienced a robust rally, sparking an optimistic buzz among its bullish investors. However, the pseudonymous analyst Cheds has shared an advisory note to his extensive Twitter following of over 311,700 individuals, cautioning that this rally could indeed be a snare for those bullish on Shiba Inu.
According to Cheds, Shiba Inu’s rally is occurring within a broader, ongoing downtrend, possibly luring SHIB bulls into anticipating a trend reversal and an isolated bull run. Such a situation could prove to be a precarious setup, enticing investors to take long positions on SHIB, only for the coin to correct shortly afterwards.
Cheds suggests that signs of fatigue are beginning to emerge among SHIB bulls, as indicated by a potential blow-off top on the four-hour chart. A “blow-off top” in trading terminology refers to a rapid increase in an asset’s price, followed by a substantial drop, often marking the end of a long upward trend. Cheds asserts that his bearish viewpoint will only be negated if SHIB rallies beyond $0.00001075.
From its 2023 low of $0.0000054 in June, Shiba Inu has embarked on a strong upward trajectory. At the time of writing, the Dogecoin (DOGE) competitor is valued at 0.00001013, marking an increase of over 14% in the last 24 hours.
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Bitcoin’s Potential Bottom and the Road Ahead
Turning his gaze to Bitcoin (BTC), Cheds posits that the pioneer cryptocurrency may have already reached a local bottom after plummeting to around $28,600. A “local bottom” refers to the lowest price level within a specific time period.
Earlier, Cheds had projected that Bitcoin would descend to the $28,500 range before concluding its corrective phase. The analyst also predicted that BTC would likely experience a slow, gradual increase post-attainment of his downside target. Currently, Bitcoin stands at a value of $29,089.
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