HYPE 55.5, failed to touch 57.999 for the third time, and then it gave up. Every time it bounced to around 58, the script was the same—after the taker bid gets wiped out, it goes soft, and the whale positions keep getting reduced. This time the position size was cut, and the buyer ran away. The sell side on the book was fast—about three times quicker than the bids. With the bids this thin, trying to push it up with this structure is pointless; one dump and it pierces through.
Funding is still positive. The longs keep paying the shorts protection fees—it never stopped. The 4-hour outlook says it’s exhausted: the downward move accelerates less, and momentum has leveled off. There’s nothing to argue about.
What’s a bit different this time from before is that the position size didn’t build up—it started running away. The previous two times, at least it piled up quite a bit; this time it leaked before it even got fully built. It suggests the market’s confidence in this level is getting weaker—nobody wants to hold through the night in it.
Next, we’ll see whether it can hold around 51. If it can’t, it’ll move to the next level down. If it can, then it’ll bounce to 58 and go soft again. The script is already written—just follow it.
Chasing longs from this spot isn’t something one dares to do; wait until it flushes down properly before considering it.
#hype $HYPE
Funding is still positive. The longs keep paying the shorts protection fees—it never stopped. The 4-hour outlook says it’s exhausted: the downward move accelerates less, and momentum has leveled off. There’s nothing to argue about.
What’s a bit different this time from before is that the position size didn’t build up—it started running away. The previous two times, at least it piled up quite a bit; this time it leaked before it even got fully built. It suggests the market’s confidence in this level is getting weaker—nobody wants to hold through the night in it.
Next, we’ll see whether it can hold around 51. If it can’t, it’ll move to the next level down. If it can, then it’ll bounce to 58 and go soft again. The script is already written—just follow it.
Chasing longs from this spot isn’t something one dares to do; wait until it flushes down properly before considering it.
#hype $HYPE