$SKHYNIX is down 2.43% at 1197.66. Gate perpetuals hit a daily high of 1241.82 and a low of 1195.6, with about 34.3 million U in volume. The entire storage sector is taking a hit: SAMSUNG -3.18%, SKHY -2.83%, MU -2.26%, SNDK -2.18%, while KORU, the 3x leveraged Korean stocks ETF, is down a straight 7%. BTC is around 83360 (+0.4%), so this move has nothing to do with crypto sentiment—storage and Korean stocks are weakening on their own.
Price action: The daily high of 1241.82 was reached during a surge from 11 p.m. last night into the early hours, after which the price kept sliding. During the first hour of the Korean market session (8 a.m.), about 10.9 million U in volume knocked it from 1224 to 1214.75. At 9 a.m. it dipped to 1205.93, then bounced back to 1228. At noon, about 4.1 million U in volume fueled a rebound to 1234.33, but at 1 p.m. it was immediately slammed back to 1206. Each rebound has been weaker than the last. It fell below 1200 at 4 p.m., and at 7 p.m. just printed a new daily low of 1195.6.
Conclusion: The highs are getting lower—don't try to catch the bottom. Look to short a rebound to 1210–1215, with a stop at 1235. First target 1190, then 1180. If it reclaims 1235 on strong volume, I'll admit I was wrong.
Price action: The daily high of 1241.82 was reached during a surge from 11 p.m. last night into the early hours, after which the price kept sliding. During the first hour of the Korean market session (8 a.m.), about 10.9 million U in volume knocked it from 1224 to 1214.75. At 9 a.m. it dipped to 1205.93, then bounced back to 1228. At noon, about 4.1 million U in volume fueled a rebound to 1234.33, but at 1 p.m. it was immediately slammed back to 1206. Each rebound has been weaker than the last. It fell below 1200 at 4 p.m., and at 7 p.m. just printed a new daily low of 1195.6.
Conclusion: The highs are getting lower—don't try to catch the bottom. Look to short a rebound to 1210–1215, with a stop at 1235. First target 1190, then 1180. If it reclaims 1235 on strong volume, I'll admit I was wrong.