Two numbers, one up and one down—the illusion.
$ETH 24 hours, up 2.09%. On the 4-hour chart, a CHoCH (change of character, or structural reversal): it closed above the previous high of 2445.97, with the current price at 2451.14. The lows formed during the earlier drop became an anchor. The moment it bounced a little, people started shouting “It’s topped out!” and rushing to get out.
The anchoring effect: people use a certain price as a reference point, and all subsequent judgments revolve around it. This move back up looks more like short covering than fresh longs stepping in. The previous high at 2493.48 is still looming overhead. When the second-largest coin coughs, all the altcoins catch a cold. It just took itself off life support, but volume still hasn’t caught up.
The market has a way of curing all kinds of “It’s topped out!”
$ETH 24 hours, up 2.09%. On the 4-hour chart, a CHoCH (change of character, or structural reversal): it closed above the previous high of 2445.97, with the current price at 2451.14. The lows formed during the earlier drop became an anchor. The moment it bounced a little, people started shouting “It’s topped out!” and rushing to get out.
The anchoring effect: people use a certain price as a reference point, and all subsequent judgments revolve around it. This move back up looks more like short covering than fresh longs stepping in. The previous high at 2493.48 is still looming overhead. When the second-largest coin coughs, all the altcoins catch a cold. It just took itself off life support, but volume still hasn’t caught up.
The market has a way of curing all kinds of “It’s topped out!”