$HYPE surged all the way from 78.14 to 97.19 in one go, gaining 24% in just over a dozen hours. Those big green candles last night were definitely impressive.
But look at what happened after the top. It peaked at 97.19, bounced to 95.26 at 5 a.m. but couldn't break through, then tested 93.89 again at 3 p.m. and got knocked back down. Each high is lower than the last, and the resistance line is now crystal clear. At 9 a.m., it also broke below the trendline from the sharp rally, and now it's grinding below it.
The volume doesn't look right either. During the rally, hourly volume was three to four million, but these midday rebounds have only been around 500,000. Buyers clearly aren't keeping up. RSI has fallen from 88.6 to around 55. Futures open interest rose from $330 million to $430 million in a day. The long/short ratio dropped to 0.87 overnight, but has now climbed back to 1.28—retail traders are buying the dip again.
My plan is to look for a short near the resistance line on a rebound. First target is the low at 88.55; if it breaks, I'll reassess. If it gets back above 95.26, I'll admit I'm wrong and get out. Don't stubbornly hold on.
Do you think HYPE is consolidating before another move, or has it topped? #HYPE #Altcoins
Just my personal opinion, not investment advice.
But look at what happened after the top. It peaked at 97.19, bounced to 95.26 at 5 a.m. but couldn't break through, then tested 93.89 again at 3 p.m. and got knocked back down. Each high is lower than the last, and the resistance line is now crystal clear. At 9 a.m., it also broke below the trendline from the sharp rally, and now it's grinding below it.
The volume doesn't look right either. During the rally, hourly volume was three to four million, but these midday rebounds have only been around 500,000. Buyers clearly aren't keeping up. RSI has fallen from 88.6 to around 55. Futures open interest rose from $330 million to $430 million in a day. The long/short ratio dropped to 0.87 overnight, but has now climbed back to 1.28—retail traders are buying the dip again.
My plan is to look for a short near the resistance line on a rebound. First target is the low at 88.55; if it breaks, I'll reassess. If it gets back above 95.26, I'll admit I'm wrong and get out. Don't stubbornly hold on.
Do you think HYPE is consolidating before another move, or has it topped? #HYPE #Altcoins
Just my personal opinion, not investment advice.
