⚡ HYPE ran the full cycle, tried for a second leg... and got rejected. 😮💨
The chart is honestly a Wyckoff textbook.
Accumulation down at $53 (clean SC, AR, ST base). Markup straight to a Weak High near $77. Then distribution kicked in up top.
And now? The second test failed.
After the buying climax (BC) at $77, HYPE put in a lower high (ST), rolled over with a change of character down, and just broke structure to the downside (BOS). It lost $72 and is now sitting at $69.3, bleeding.
In plain words: buyers tried to push it back to the highs, ran out of gas, and sellers took the wheel. A failed second test after a big run is one of the more reliable "the easy upside is done for now" signals.
So where's the floor?
First demand sits around $66 to $67. Below that, the $59 to $60 zone where accumulation began. The Strong Low near $57 is the line that keeps the bigger bullish structure alive.
This isn't "HYPE is dead." It's a hot mover cooling off and giving back part of a parabolic run, which is healthy. Overheated moves need to reset before the next real attempt.
The trap right now: catching the falling knife mid-distribution, or shorting into a demand zone right as it bounces. 👀
Let it reach support and show its hand. Failed tests reset the board, they don't end the game. 📈
Not financial advice.
