9.16 Market Analysis

Since September 10, Bitcoin has shown a strong bullish signal with a large upward candlestick, effectively breaking through 113,400. After three consecutive days of increases, everyone believed that a one-sided upward trend was about to begin. However, the market surprised us; starting from September 13, altcoins experienced a significant pullback. Especially UNI, which was particularly frustrating, clearly targeting the longs. Nevertheless, looking at Bitcoin, it has not broken below 114,300, and the bullish trend remains. Ethereum's strong support at 4,494 was breached but quickly recovered, and there are signs of bottoming on the 4-hour chart, although the daily chart shows four consecutive bearish candles. Overall, this is just a deep washout; the decline is temporary, and it is highly likely that things will warm up after the 18th!

This significant pullback should be due to large funds fleeing for safety before the interest rate cut, and another reason is that the market manipulators are taking the opportunity to wash out the positions one last time. It is only when risks arise that we realize the importance of position management. It is only when we are about to crash that we understand the importance of seat belts. Therefore, brothers, we must have great respect for the market and always prioritize risk in order to survive longer and go further!