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Midnight Long Wick Candle test support at 3680! Don't panic!
Woke up suddenly in the middle of the night, possibly because there was a market movement in the dark. Fortunately, it was just a Long Wick Candle, and it happened to be placed right on the Fibonacci retracement line. I tend to think that this time we are still testing support, but if there is another solid candle at 3682, it might drop below 3600. Be sure to keep an eye on the 3682 level, and if something seems off, strictly set a stop-loss.
Currently, ETH has risen due to institutional buying, and it is normal for many retail investors, especially in the US market, to take profits. However, many altcoins are about to be violently washed out and return to the starting point. Essentially, institutions are only buying ETH, while other altcoins are still subject to intra-market capital games. The significant pullback in altcoins is also because the market has not yet entered FOMO. According to BTC's past script, FOMO will only be triggered when new highs are broken, so ETH is definitely not at the top now; 3940 is absolutely just a node in the upward trend, and I still firmly believe in 4100.
Woke up suddenly in the middle of the night, perhaps there’s a market movement in the air. Fortunately, it's just a long wick candle, and it just so happens to be on the fibonacci retracement level. I tend to believe that this is still a support test, but if there's another solid candle to 3682, it might drop below 3600. Be sure to keep an eye on the 3682 level, and if anything seems off, strictly implement a stop loss.
Currently, ETH is rising due to institutional pump, and it's normal for many retail investors to exit with profitable positions, especially in the US market. However, many altcoins are being violently whipsawed back to square one, essentially, institutions are only buying ETH, while other altcoins are still a game of funds within the market. The strong pullback in altcoins is also because the market hasn't fomoed yet. According to BTC's previous script, market fomo only occurs when new highs are broken, so ETH is definitely not at the top now; 3940 is absolutely just a node in the rise, and I still firmly believe in 4100.