Recently, the trend of a certain cryptocurrency is a very standard "deep wash structure", worth considering as a textbook-level case.

Phase One: Emotional Suppression (1.2U → 0.9U)

Volume decreases, emotions weaken, retail investors lose patience over time and actively sell their holdings.

This is a typical "gentle downward pressure + capital recovery".

Phase Two: Inducing False Breakout (0.7U → 0.95U)

After a sharp drop, it immediately rebounds, creating a false V-shape, misguiding retail investors into thinking it's a reversal.

Subsequently, it breaks down again, proving it was just a rebound, not a real bottom.

Phase Three: Panic Liquidation (down to 0.5U)

Negative emotions erupt, but large on-chain capital continues to accumulate.

This is the most critical position in the wash, emotions clear, and chips concentrate.

Phase Four: Trend Reversal (0.5U → 1U)

After the panic selling is cleared, the rise becomes very easy.

The regret of cutting losses, onlookers chasing the rise, new capital entering, and the operator completes the turnover.

Core Conclusion

Washing the market is not to suppress but to "redistribute chips".

The true professional perspective is not to focus on ups and downs, but to focus on

Chip flow

Emotional changes

Key positions' capital behavior

Understanding these three points, you can grasp the operator's rhythm and avoid most traps.

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