The rejection near the upper boundary immediately stood out to me.

Instead of attracting fresh buyers, price slipped back below the short-term trendline.

That shift suggests bullish momentum is fading.

If sellers maintain control, a move toward the next support area becomes the higher-probability scenario.

I'm not rushing into a position here.

I'd rather wait for:

▸ A confirmed breakdown for a cleaner short setup.

▸ Or a strong reclaim of the channel before considering longs.

From experience, the highest-quality trades usually come from waiting for confirmation rather than chasing price.

What's your view on $PYTH here? Bearish continuation or a bullish recovery?

#GUSDYieldRisesto3.8% #SummerCreationCamp

PYTH-4.62%

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FloorFlipper

· 07-23 10:34

Bro, your analysis makes sense. PYTH has already surged quite a bit from the lows, but it’s been pushed down after hitting the upper band, and volume is also shrinking, which indicates the bulls are running out of steam. The best strategy now is to wait: either wait for a breakdown below the previous low to short, or wait for it to reclaim and hold above the upper edge of the channel to go long. Whatever you do, don’t open a position in the middle range—it’s easy to get hit in both directions. Personally, I lean toward a further pullback in the short term, because Bitcoin is also correcting, and altcoins are even less able to stay out of the mess.

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LightningRider

· 07-21 18:07

From a technical perspective, breaking below the channel makes the next support level critical. If it can’t hold, it could accelerate the sell-off. However, if the price can quickly reclaim the channel, that would be a false breakdown—then it may be possible to go long.

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PermitHunter

· 07-21 17:55

Indeed, the risk of chasing in now is greater than the potential return; it’s more prudent to wait for confirmation signals.

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ESGTrader

· 07-21 17:49

To be honest, the chart for $PYTH looks pretty dangerous. Although it moved nicely within the channel before, once it broke out, it shows the trend has changed. Also, from the order book, sell orders are clearly more than buy orders, so bears have the upper hand in the short term. If it can hold above 0.3 today, then it’s fine; otherwise, the next stop could be 0.25.

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$PYTH ‌is starting to lose momentum after failing to hold the rising channel.

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