$HYPE is about to trap everyone at $78 again, I am NOT buying this chop
Live Bybit: $HYPE $78.220 +0.00% | H $79.400 L $76.211 | Turnover $238.69M
Look, I got chopped 2 times in this exact $78 range. HYPE has been chopping here for hours and now it looks like a coiled spring. 15m chart is tight consolidation right under MAs. MA7 $78.317 MA14 $78.287 MA26 $78.416, price is $78.19 squeezing under them.
My read is simple. We bounced from $76.211 local low, now we are in short term recovery but volume is drying up, MA5 21.97K vs MA10 28.41K on 15m. Jab volume sukh jaye aur price squeeze ho jaye to bara move aata hai. Fakeout ya breakout, kuch to hoga.
I am not chasing mid range chop. I will wait for clear break and retest.
My plan: WAIT for now. Entry $78.40 to $78.60 only on strong 15m close above MAs and successful retest as support. Stop $77.80 below consolidation base. TP1 $79.40 24h high, TP2 $80.20 previous major swing high. R:R 1:2.5 to TP1. Main risk is fakeout. If price pushes above MAs but fails to hold above $78, I am out. Structure is neutral until $79.40 clears or $77.50 breaks.
What do you think about $HYPE
#hype
@Binance Square Official
Live Bybit: $HYPE $78.220 +0.00% | H $79.400 L $76.211 | Turnover $238.69M
Look, I got chopped 2 times in this exact $78 range. HYPE has been chopping here for hours and now it looks like a coiled spring. 15m chart is tight consolidation right under MAs. MA7 $78.317 MA14 $78.287 MA26 $78.416, price is $78.19 squeezing under them.
My read is simple. We bounced from $76.211 local low, now we are in short term recovery but volume is drying up, MA5 21.97K vs MA10 28.41K on 15m. Jab volume sukh jaye aur price squeeze ho jaye to bara move aata hai. Fakeout ya breakout, kuch to hoga.
I am not chasing mid range chop. I will wait for clear break and retest.
My plan: WAIT for now. Entry $78.40 to $78.60 only on strong 15m close above MAs and successful retest as support. Stop $77.80 below consolidation base. TP1 $79.40 24h high, TP2 $80.20 previous major swing high. R:R 1:2.5 to TP1. Main risk is fakeout. If price pushes above MAs but fails to hold above $78, I am out. Structure is neutral until $79.40 clears or $77.50 breaks.
What do you think about $HYPE
#hype
@Binance Square Official
