Bitcoin's Bull-Bear Range Battle Continues, HYPE Faces Critical Test of Wave V Support | Exclusive Analysis
This market analysis covers Bitcoin (BTC) and HYPE, highlighting key levels and trading strategies for the week.
HYPE is currently testing a critical support level at $40.17. A hold above this level could lead to consolidation between $40.17–$45.76, while a break below it may signal the end of its current V-wave uptrend from the April 2 low. The short-term strategy is to look for long entries near $40.17 if support holds, using 30% leverage and strict stop-loss discipline.
Bitcoin is interpreted to be in a larger D-wave rebound from the February 6 low of $60,000, currently trading within a $73,500–$79,000 range. Key resistance lies at $79,000–$80,600 and $83,500–$84,500, with supports at $73,500, $69,500, and $65,000–$66,000. The medium-term strategy maintains a 60% short position from $89,000. Short-term tactics include selling into rallies near $76,500–$79,000 (Scenario A) or breaking below $73,500 (Scenario B), using 30% leverage.
Last week, a 1x leveraged long trade in HYPE yielded a 6.80% gain, and the BTC short from $89,000 is currently up approximately 17.08%.
Risk management is emphasized: set stop-losses at entry, move to breakeven at +1% profit, and trail stops to lock in gains thereafter.
All views are based on technical analysis and are not investment advice. Traders are urged to exercise caution and adapt to market changes.
marsbit04/20 08:21
