HEX is flashing another high probability correction.
I honestly have no clue how deep can the correction go but I outline the most significant zones.
Important to note that this last rally up produced signifiant leading volume on the way up to the top.
One thing that is still missing is a daily bearish divergence. Which we could get if HEX make a visit near 0.55 for then massive weakness and enter into a more aggressive correction.
At this present time while we dont have more price action the criteria to return to bull trend is to regain 0.445 and RETAIN it since there is a chance we can also produce a double top (fakout) here.
0.25 would be ideal price range to bounce back to trade above 0.31. If that level is lost then HEX more like to enter into a longer and deeper correction.
Volumes produces in the last 3 months total around HALF BILLION tokens traded.
This is very high but at the same important to note that the supply of this token is around 300B.
Likewise in the context os all supply the trade volume is not that big BUT it is significant in context of the relative strength of volume over past weeks.
Generally speaking when we see this massive volumes at the end/top of a trend probability of pullback is big.
Important to re-emphasise that despite seeing here pullback my criteria to classify it as a "bear market" is not yet meet (like trading bellow 0.25) but those who are long for awhile probably opportunity to take some profit aside and those who entered recently should definitely consider their entire position on this very overpriced token while it doesn't get even nastier.
It's a probabilities game and its context depends a lot where a trader got their average entry in.
I honestly have no clue how deep can the correction go but I outline the most significant zones.
Important to note that this last rally up produced signifiant leading volume on the way up to the top.
One thing that is still missing is a daily bearish divergence. Which we could get if HEX make a visit near 0.55 for then massive weakness and enter into a more aggressive correction.
At this present time while we dont have more price action the criteria to return to bull trend is to regain 0.445 and RETAIN it since there is a chance we can also produce a double top (fakout) here.
0.25 would be ideal price range to bounce back to trade above 0.31. If that level is lost then HEX more like to enter into a longer and deeper correction.
Volumes produces in the last 3 months total around HALF BILLION tokens traded.
This is very high but at the same important to note that the supply of this token is around 300B.
Likewise in the context os all supply the trade volume is not that big BUT it is significant in context of the relative strength of volume over past weeks.
Generally speaking when we see this massive volumes at the end/top of a trend probability of pullback is big.
Important to re-emphasise that despite seeing here pullback my criteria to classify it as a "bear market" is not yet meet (like trading bellow 0.25) but those who are long for awhile probably opportunity to take some profit aside and those who entered recently should definitely consider their entire position on this very overpriced token while it doesn't get even nastier.
It's a probabilities game and its context depends a lot where a trader got their average entry in.
D7R
