FAILED BREAKOUT, BUT I'M NOT GIVING UP ON THE BEARISH CONTINUATION SETUP JUST YET! 👀
Well, $HUT couldn't sustain its brief relief bounce out of the lower bounds. Buyers attempted to push higher toward the previous lower high, but sellers stepped in fast, and price returned right back into the ongoing consolidation area around $63.79.
Does that mean the bearish narrative is over? Absolutely not. If anything, it makes the structure look even more interesting.
After dumping relentlessly through October, $HUT is currently grinding sideways right under that downward sloping trendline resistance. My interpretation is that this is a classic phase of redistribution or bear flag consolidation, where sellers are absorbing every weak attempt buyers make to spark a recovery. However, we still need clear breakdown confirmation before expecting the next sharp leg down.
Here's what I'm watching on the chart:
$70.00 – $72.00: The critical previous lower high and overhead structural resistance that bulls must clear to break the trend.
$63.79: Our current pivot area where price is struggling for direction.
$53.99: The recent low and primary support level we need to break for downside continuation.
$40.00: The lower boundary target of the macro descending channel.
My strategy? I'm tracking this setup strictly according to structural risk management. As long as price stays below that key previous lower high ceiling around $72.00, I'll continue favoring the bearish continuation scenario. A clean breakdown below $53.99 would unlock the next major wave down. But a surprising breakout and candle close above the previous lower high would force me to scrap the bear bias entirely.
Remember, a failed bounce doesn't mean an instant collapse right away, sometimes the market just needs to build up liquidity before making its next major move.
Well, $HUT couldn't sustain its brief relief bounce out of the lower bounds. Buyers attempted to push higher toward the previous lower high, but sellers stepped in fast, and price returned right back into the ongoing consolidation area around $63.79.
Does that mean the bearish narrative is over? Absolutely not. If anything, it makes the structure look even more interesting.
After dumping relentlessly through October, $HUT is currently grinding sideways right under that downward sloping trendline resistance. My interpretation is that this is a classic phase of redistribution or bear flag consolidation, where sellers are absorbing every weak attempt buyers make to spark a recovery. However, we still need clear breakdown confirmation before expecting the next sharp leg down.
Here's what I'm watching on the chart:
$70.00 – $72.00: The critical previous lower high and overhead structural resistance that bulls must clear to break the trend.
$63.79: Our current pivot area where price is struggling for direction.
$53.99: The recent low and primary support level we need to break for downside continuation.
$40.00: The lower boundary target of the macro descending channel.
My strategy? I'm tracking this setup strictly according to structural risk management. As long as price stays below that key previous lower high ceiling around $72.00, I'll continue favoring the bearish continuation scenario. A clean breakdown below $53.99 would unlock the next major wave down. But a surprising breakout and candle close above the previous lower high would force me to scrap the bear bias entirely.
Remember, a failed bounce doesn't mean an instant collapse right away, sometimes the market just needs to build up liquidity before making its next major move.
