HYPE resistance—wait for it to choose its direction
$HYPE current price 86.75 is perfectly sitting on this resistance level; it’s just one cent away from being touched. In the past ~3 hourly closes, it’s been grinding below this level. It clearly looks like a pattern of being pushed up and rejected, but it hasn’t broken down yet—meaning the bulls haven’t completely given up.
I watched it all afternoon and it didn’t move. This level is too delicate right now: if 86.75 above is broken out decisively, it could run straight toward 88+. If it drops below 86.2, then I’ll reassess the support at 85.64; the move would be roughly a 6% range. My feeling is bearish, since it keeps testing the resistance without breaking through. But I didn’t enter yet—I’ll wait for a clear 1h candlestick close. Either: if it breaks 86.75 with volume, I’ll chase the long; or if it breaks below 86.2, I’ll consider shorting. Entering now just to bet on direction isn’t necessary. #HYPE
$HYPE current price 86.75 is perfectly sitting on this resistance level; it’s just one cent away from being touched. In the past ~3 hourly closes, it’s been grinding below this level. It clearly looks like a pattern of being pushed up and rejected, but it hasn’t broken down yet—meaning the bulls haven’t completely given up.
I watched it all afternoon and it didn’t move. This level is too delicate right now: if 86.75 above is broken out decisively, it could run straight toward 88+. If it drops below 86.2, then I’ll reassess the support at 85.64; the move would be roughly a 6% range. My feeling is bearish, since it keeps testing the resistance without breaking through. But I didn’t enter yet—I’ll wait for a clear 1h candlestick close. Either: if it breaks 86.75 with volume, I’ll chase the long; or if it breaks below 86.2, I’ll consider shorting. Entering now just to bet on direction isn’t necessary. #HYPE