The magical form of 1-hour short to medium term, 9 pressure+3 pins
Nine consecutive attempts to break through the 30m pressure level have failed, indicating that a large amount of trapped plates have accumulated above 4200, and each attempt to break through will encounter release pressure. Ethereum started a waterfall like decline again in the early morning, breaking through its two-day sideways consolidation and officially falling below the 4000 mark. At present, the market is forming a small support at 3870, and the market is experiencing a slight rebound and consolidation.
Unable to break through the barrier for 9 consecutive times -3 consecutive insertions, which means liquidation explosion+institutional bargain hunting. If it does not actually break through 4000 (currently classified as a small-scale insertion liquidation), it is highly likely to still be a small drop, continuing to shake off retail investors with a horizontal drop. The most challenging test of a trader’s patience is to grind the market. For bulls, if they eventually fall below 4000, they still need to be well protected and must not be careless. The daily level retracement is not yet in place, don’t be greedy for short-term long positions.
A rebound is not a reversal. If you can’t stand steadily at 112500 tonight, the downward trend tomorrow will be difficult to change.
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