$HYPE update -- trendline and 1D 20 EMA broke and even gave a perfect retest to get out / hedge short
First level ($32) tagged and $HYPE is showing a lot of local strength. All eyes on $BTC now and of course, ~monitoring the situation
If I had to guess, we are already local bottomed on $HYPE even if $BTC runs a bit lower ($98k?)
Doesn't necessarily mean we are out of the woods though as many charts are in huge HTF downtrends, which puts pressure on $HYPE as the broader crypto market structure is broken. We also lost a major trend after a 5x / nonstop run from the bottom -- this can take time to heal. Market conditions aren't the best so I am not expecting a V reversal to $50 here. It being summer does not help the cause either
There is a situation where we get a relief bounce, chop for a bit, and then get a liq sweep on $BTC (low 90s). In that case, $27-30 enters the cards for $HYPE and we clear out the remaining leverage + form a really nice S/R flip on an important level
I personally think there is some complacency on $BTC atm and lots of OI yet to be wiped out. We've seen it before where it is the last to fall, after being an anchor for months. Lots of longs built up that can go away in a flash. Would be very healthy imo
Either way, these dips on $HYPE are a gift
GLHF
Hyperliquid
$HYPE / $BTC and $HYPE -- I think this is about as good a place to bounce as any. If we don't hold, probably a bit lower as the market cools off for summer
- $HYPE / $BTC: retested prior highs perfectly. Confluence with the prior attempts in May / early June. Flipping this to support would be nice
- $HYPE: tagged the 1D 20 EMA which it has been holding, with multiple touches, since the breakout at $13. Price also tagged our uptrend memeline, which continues to hold in a fairly vertical fashion
Lower than here and I think we wipe any remaining perp longs, $32, and if $BTC gets ugly, $28. I will say I think any flushes to these levels get bid back extremely quickly (too many people are still sidelined), and after, either consolidation (chop) or an attempt to resume the uptrend
Those are the three levels I am eyeing (HYPEBTC S/R flip + daily trend, $32 (prior ATH daily closes), and $28 (top of the long spring range which we broke out in extreme fashion, FVG gap if you will)
Price aside -- fundamentally, the path is as clear as it has ever been, and it feels like market participants are finally starting to take notice. Try not to get shaken out along the ride
Hyperliquid
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