Today I saw a bunch of fans asking in the background: Has HYPE's decline ended? Can we still play? Should we cut losses?
I opened the candlestick chart directly and saw the problem at a glance—this market has not stopped declining at all!
First, let's look at the data: the death cross has appeared, the volume is shrinking, do you dare to catch the falling knife?
The latest 4-hour candlestick shows:
The MACD yellow and white lines form a death cross below the zero axis, which is a typical signal for a continuation of the downtrend, indicating that the bears are still in control.
The red column continues, but the volume is shrinking, indicating that no one dares to buy the dip, which is a precursor to a 'slow decline'.
The price is currently fluctuating between 32.160–34.669, with strong resistance above and weak support below.
Some people say: "Is the key indicating a rebound?"
I tell you: A rebound is not the bottom; it's the bottom that doesn't rebound. If you enter now, you are likely to be caught in the middle of the mountain!
Key positions tonight: Look here for resistance, look here for support.
Resistance Above:
34.669: This is the first level of rebound resistance. If it can't break through, short directly.
37.072: This is a strong resistance level. When it arrives, it's an easy question, short with your eyes closed.
Support Below:
32.160–30.202: This is the short-term fluctuation range. If it breaks below 30.202, look directly at 28.006.
28.006: This is the ultimate target for this wave of decline, and it is also the position where I will start considering averaging in.
Liquidation data tells you: Most people can no longer hold on.
In the last 24 hours, nearly 9.67 million USD was liquidated, with long positions liquidating 9.37 million and short positions only 300,000.
What does this indicate? Most people are still going long, still fantasizing about a rebound, and as a result, they are being liquidated in succession!
If you are one of them, it's time to wake up.
Key Perspective:
Short-term bearish, medium-term fluctuating, long-term looking at the project itself.
But remember one thing: Bull markets often have sharp declines, and bear markets often have prolonged declines.
If HYPE can hold 28, there may still be opportunities in the future. If it can't hold...
Follow me, I will keep an eye on the market and tell you when to short and when to enter!
