$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 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