Technical analysis by Crypto_Moses about Symbol BTC: Sell recommendation (2/22/2025)

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.Price broke down as projected, and had a violent reaction down below. Expect the volatility it ran into to be a potential bottoming pattern.