Day after Bybit Hack
Yesterday, the Bybit hack occurred, and at the time, it was the biggest hack to a crypto exchange ever. Unfortunately, the hack happened during an accumulation phase of the price range. This makes me lean towards a breakdown, due to liquidity changes being too dramatic, too fast. I’m not 100% certain, but that’s my gut feeling. I expect a breakdown to the bottom dashed line of the range in the aftermath.
The default TA suggests a sideways, range-bound environment, where each attempt at the upper resistance line \[100–101\] fails to break out, and each test of the lower support line \[92–93\] recovers quickly. The Momentum Swing logic uses EMA crossovers, consecutive bar checks, and ATR filters to generate potential buy/sell signals, while the bar coloring is driven by Stochastic thresholds that visually indicate overbought/oversold conditions right on the candles themselves. This combination of factors implies the market is oscillating in a tight zone with frequent reversals, lacking a clear directional bias so far.
Overall, the picture portrays a price range that is locked in consolidation with repeated bounces off support and rejections at resistance, and in conclusion, everything together implies the 6-hour range is likely to remain sideways unless a decisive breakout occurs above or below these established boundaries. I think the Bybit event has solidified the breakout to be down. I hope I’m wrong here because I’m holding a bag, lol.
The default TA suggests a sideways, range-bound environment, where each attempt at the upper resistance line \[100–101\] fails to break out, and each test of the lower support line \[92–93\] recovers quickly. The Momentum Swing logic uses EMA crossovers, consecutive bar checks, and ATR filters to generate potential buy/sell signals, while the bar coloring is driven by Stochastic thresholds that visually indicate overbought/oversold conditions right on the candles themselves. This combination of factors implies the market is oscillating in a tight zone with frequent reversals, lacking a clear directional bias so far.
Overall, the picture portrays a price range that is locked in consolidation with repeated bounces off support and rejections at resistance, and in conclusion, everything together implies the 6-hour range is likely to remain sideways unless a decisive breakout occurs above or below these established boundaries. I think the Bybit event has solidified the breakout to be down. I hope I’m wrong here because I’m holding a bag, lol.
Trade active
Price broke down as projected, and had a violent reaction down below. Expect the volatility it ran into to be a potential bottoming pattern. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.