$HYPE 1D Outlook.
HYPE has broken below a major long-term support level. I'm expecting a small retracement first, followed by another potential move to the downside.
My Short Trade Plan:
If we get a retracement followed by a strong red candle as confirmation, I'll look for a short entry around $73–$74.
Entry: $73 – $74
Stop Loss: $82.50
Targets:
TP1: $59.376 (Main target)
TP2: $52.00 (Final target)
At my main target, I'll close around 70% of my position and hold the remaining 30% for the final target.
This is a swing trade, so it may take some time to reach the targets, but I believe it has good profit potential.
Alternatively, you can also consider a short position around the current price of $70.50, which is also an interesting level. However, make sure to keep your stop loss above $80.
I'll wait for the right market movement and confirmation before taking the planned entry.
HYPE has broken below a major long-term support level. I'm expecting a small retracement first, followed by another potential move to the downside.
My Short Trade Plan:
If we get a retracement followed by a strong red candle as confirmation, I'll look for a short entry around $73–$74.
Entry: $73 – $74
Stop Loss: $82.50
Targets:
TP1: $59.376 (Main target)
TP2: $52.00 (Final target)
At my main target, I'll close around 70% of my position and hold the remaining 30% for the final target.
This is a swing trade, so it may take some time to reach the targets, but I believe it has good profit potential.
Alternatively, you can also consider a short position around the current price of $70.50, which is also an interesting level. However, make sure to keep your stop loss above $80.
I'll wait for the right market movement and confirmation before taking the planned entry.
