Trade Setup and Analysis
$CHIP /USDC shows an extreme spike to 0.28 followed by a sharp rejection and heavy compression around 0.057, indicating a classic blow-off top with liquidity grab. Current structure is weak, with price moving sideways after a major dump, suggesting distribution rather than continuation. A short setup can be considered on any bounce toward 0.060–0.065 targeting 0.045 and lower, while a reclaim above 0.070 would invalidate the bearish bias and signal potential recovery.
CHIP
0.0643
+5.53%