Shiba Inu price should be avoided until this happens

Shiba Inu price retests $0.00001000 during the second trading week of July.
SHIBA price is dead center between a bullish and bearish scenario.
Invalidation of the bearish trend is a close above $0.00001190.

Tony M.FXStreet Contributor

Shiba inu price is in a make-or-break situation. Placing an entry is highly risky for both bears and bulls.

Shiba Inu price worthy of watching closely

Shiba Inu price currently trades at $0.00001020 as the bears flex their control over the notorious meme coin. The bears have forced a second retest of the $0.00001000 consolidation zone in the middle of a 70% bull run for the SHIBA price. On July 11, the triangle breakout failed to rally impulsively. Yes, the first wave could be a very choppy leading diagonal. But hope often gets you hurt in this market.

Shiba Inu price saw an 8% rally into a high at $0.00001174 on July 9 before things went south. Now traders who did not move their entries to break even are at an 8% loss. Last week's thesis mentioned the possibility of this extended triangle scenario. The bullish triangle thesis has not been invalidated as wave A at $0.00000925 is still unbreached. However, bulls outside the market should avoid entering the market to take an unnecessary loss. If market conditions persist, a liquidity hunt targeting $0.00000950 is a plausible scenario.

SHIB.USDT 3-Hour Chart.

Thus the Invalidation of the bearish thesis will also be a bullish entry signal. If the Shiba Inu price can close above the July 9 swing high at $0.00001190, the bulls should be able to rally to $0.00001700, resulting in a 70% increase from the current Shiba Inu price.

Author

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.