HYPE:Short Bias Remains Dominant

Hi!

The chart shows a strong descending trendline, confirming a broader bearish market structure. Price has been consistently making lower highs and lower lows, with each consolidation resolving to the downside.

Previously, the market formed Range 1 and Range 2, both acting as distribution zones before sharp breakdowns. This behavior signals persistent selling pressure and lack of strong demand at higher levels.

More recently, price developed a Head and Shoulders pattern within a larger range:

• The Head was formed at the trendline resistance.
  
• The Right Shoulder failed to break above resistance, showing weakening bullish momentum.
  
• The neckline support around the 22.0 area has now been clearly broken, confirming the bearish setup.
  

Short Position Target
Based on the measured move from the Head and Shoulders pattern and the overall bearish structure:
Primary short target: 17.30


This level aligns with a previous demand zone and a key historical support area.
Until price reclaims the broken range and trendline, rallies are considered corrective.