Bitcoin, Solana and Shiba Inu – European Wrap 19 January

Bitcoin price climbed above the key $21,000 level on January 18, after the release of lower-than-expected US inflation data in the form of the Producer Price Index (PPI), fueled a bullish narrative for risk assets, including cryptocurrencies, among investors.

Solana price shows a clear shift in the market structure after forming a local top at a crucial hurdle. This development has a chance of sliding lower and triggering a steep correction for SOL holders.


SOL/USDT 1-day chart

Shiba Inu (SHIB) price action made a staggering jump of over 22% intraday between the low and the high point of Wednesday. Unfortunately, in a video webinar you can find on the FXStreet YouTube channel, warnings were issued on a repetition of Saturday, October 29 of last year, where price action jumped but deflated near the closing bell and saw more than half of its intraday profits evaporate. With plenty of bulls jumping on the breakouts on Wednesday, bears saw a window of opportunity to get back short, and pressure could start to build again to the downside. 

SHIB/USD daily chart