I told you in the morning $73.95 is the line, and look what just happened, that line is gone
$HYPE $73.506 -4.87% | H $78.150 L $73.206 | Turnover 24.15M
Price is at $73.518 right now. This is not a normal dip anymore. We lost $73.95 and we did not get it back. That same $73.95 that was support for hours is now resistance. This is exactly what I warned you about. When support breaks and becomes resistance, sellers take control.
Look at the chart with me. From $77.226 we tried to hold, buyers tried at $75.216, then sellers pushed again. Then we had a small bounce, then a straight red candle down to $73.206 low. That low is where some buyers finally stepped in, but the bounce is weak, only back to $73.51. That tells me buyers are not strong, they are just trying to slow the fall.
And remember the danger I told you in the morning. OI was rising while price was falling, 65% accounts were long, 99% of liquidations were longs. When a crowded long support breaks, those longs become forced sellers. That is why the drop was so fast.
Now what is next. For me $73.95 is the first wall. If we cannot reclaim $73.95 and close above it, my next levels are $72.25, then $70.75 to $69.25 where a lot of leveraged long liquidations are sitting. That is the danger zone. For bulls to save this, we need to reclaim $73.95, then $76.75, then $78.04 with real spot volume. Without that, any small green candle is just a dead cat bounce.
My plan is very clear. I am not buying $73.50 in the middle of a breakdown. If we retest $73.95 from below and get rejected, I will look for short toward $72.25, stop above $73.95. If we reclaim $73.95 and hold it, only then I will think about long toward $76.75. Risk 1 to 2% only. 5x to 10x isolated max. Do not catch a falling knife with big size.
Be honest, do you think $73.95 will be reclaimed today, or does $69 come first?
Comment HOLD if you think we reclaim $73.95, BREAK if you think $72.25 comes.
Tap $HYPE to trade this breakdown, not hope it
$HYPE
#hype
$HYPE $73.506 -4.87% | H $78.150 L $73.206 | Turnover 24.15M
Price is at $73.518 right now. This is not a normal dip anymore. We lost $73.95 and we did not get it back. That same $73.95 that was support for hours is now resistance. This is exactly what I warned you about. When support breaks and becomes resistance, sellers take control.
Look at the chart with me. From $77.226 we tried to hold, buyers tried at $75.216, then sellers pushed again. Then we had a small bounce, then a straight red candle down to $73.206 low. That low is where some buyers finally stepped in, but the bounce is weak, only back to $73.51. That tells me buyers are not strong, they are just trying to slow the fall.
And remember the danger I told you in the morning. OI was rising while price was falling, 65% accounts were long, 99% of liquidations were longs. When a crowded long support breaks, those longs become forced sellers. That is why the drop was so fast.
Now what is next. For me $73.95 is the first wall. If we cannot reclaim $73.95 and close above it, my next levels are $72.25, then $70.75 to $69.25 where a lot of leveraged long liquidations are sitting. That is the danger zone. For bulls to save this, we need to reclaim $73.95, then $76.75, then $78.04 with real spot volume. Without that, any small green candle is just a dead cat bounce.
My plan is very clear. I am not buying $73.50 in the middle of a breakdown. If we retest $73.95 from below and get rejected, I will look for short toward $72.25, stop above $73.95. If we reclaim $73.95 and hold it, only then I will think about long toward $76.75. Risk 1 to 2% only. 5x to 10x isolated max. Do not catch a falling knife with big size.
Be honest, do you think $73.95 will be reclaimed today, or does $69 come first?
Comment HOLD if you think we reclaim $73.95, BREAK if you think $72.25 comes.
Tap $HYPE to trade this breakdown, not hope it
$HYPE
#hype
