$HYPE Channel Break. 1:5 R:R Short Setup Loading...
#hype is looking weak here. Price got rejected at 64.84 and finally lost the rising channel it was respecting for days. Now it's trying to climb back up to retest that broken line as resistance, which is exactly where I'd be watching for shorts.
If sellers show up around $61.50 to $63, this thing can roll over quickly.
Where I'm looking Short Targets:
1️⃣$54 first
2️⃣$46.93 next (lines up nicely with the 0.618)
3️⃣$41.38 if things really get ugly
Stop is simple. If it closes back above $65 on the HTF, I'm out and the setup is dead.
Honestly, the move already happened on the way up. Smart money was unloading near the highs while retail was buying the "Breakout". Now the retest is the gift, not the breakdown candle itself.
Don't chase. Wait for price to come to you.
NFA & ALWAYS DYOR
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