After a massive rally, $HYPE is starting to show signs of exhaustion on the 4-hour timeframe. We have observed a clear Change of Character (ChoCh) and a H1/H4 Break of Structure (BOS) to the downside, indicating that the local bullish trend has flipped bearish. The current objective is a deep correction to fill the massive liquidity gap left below.
Technical Analysis
Market Structure: The price failed to maintain its highs near $43.78 and has since broken below recent support levels (H1/H4 BOS). This confirm a shift in sentiment from "buy the dip" to "sell the rallies."
Fibonacci Resistance: The recent corrective bounce was rejected exactly at the 0.705 - 0.786 Fibonacci zone ($41.71 - $42.28). This "OTE" (Optimal Trade Entry) short rejection suggests that bears are firmly in control.
Elliot Wave Projection: We are currently projecting a 5-wave impulsive move to the downside. The price is moving toward the Wave 3 and Wave 5 targets, which align with deep Fibonacci extensions.
The Target (H4 Imbalance): The primary magnet for price is the large H4 Imbalance / Fair Value Gap (FVG) located between $30.88 and $33.50. This zone also aligns with the -0.382 Fib extension level.#AsiaStocksPlunge #BTCETFFeeRace #hype
