Everyone who trades cryptocurrencies has seen this tactic— the more the other side sees you panicking, the more they get excited. Today’s market movement is a textbook example of this.

The trend of the PIPPIN coin clearly illustrates the point. This morning, when it surged to 0.5, I thought it was going to go up, but it turned out to be a false alarm. Then there was another round of trap trading, pushing the price all the way to 0.76—this is designed to completely crush retail investors’ confidence.

Many traders fell for it this way. Some held heavy positions at high levels, and now their holdings are showing unrealized losses, with the most severe account losses reaching $4 million. With this kind of oscillation, the small K-line charts become fragmented, and the numbers in accounts keep shrinking.

This is the true picture of the cryptocurrency market—technical analysis, psychological warfare, and capital battles all play out in a single market movement. When the market reaches this point, it’s even more important to stay calm and clearly see the rhythm behind it.