This market is so exhausting, it feels like it's sweeping up and down like a door every day. The declines are relentless, and the market makers really know how to control it, while the bears are enjoying it. Next week coincides with the Christmas holiday, so it's likely that the market manipulators will also take an early break and crash the market. This kind of market has a brief rebound, then the bears continue to crush it. Some small exchanges are barely holding on, and market liquidity is truly getting worse.
In the last 24 hours, a total of 163,122 people across the network have been liquidated, with a total liquidation amount of $551 million. Long positions were liquidated for $390 million, and short positions for $161 million.
Today's BTC and ETH market analysis
In the weekly cycle, Ethereum's bearish trend is gradually strengthening. The price has primarily fluctuated between 2800 and 3080 for the past 5 weeks, with many false breakouts above and support tested multiple times below. The current trend resembles a fourth wave flag consolidation; if this pattern holds, 2800 or even around 2700 will present a good opportunity for long positions. However, another possibility must be heeded: if the head and shoulders pattern continues to be effective, the price may extend the previous C wave decline, with the next main target likely falling in the 2100-2200 range.
Short-term key observation points: The remaining trading days of this week and early next week will determine whether Ethereum can effectively break through and stabilize above 3080-3100, which will decide the direction. For Bitcoin, the upper pressure to watch is at 90800-91600, with important support around 83600.
Bitcoin short-term operation suggestion: Consider shorting if it rebounds to around 86500-87000, with a stop loss set above 87500. The first target is aimed at 85000-84500, and if it breaks down, it could see around 83600; if it doesn't break, consider a long position at an opportune time.
Ethereum short-term operation suggestion: Consider shorting if it rebounds to around 2900-2930, with a stop loss set above 2970. The first target is aimed at 2810-2836, and if it breaks down, it could see around 2753; if it doesn't break, consider a long position at an opportune time.
Altcoin
Now, if you casually click on $PUMP, $ONDO, $ORDI, and other once-popular altcoins, they're all in free fall, continuously hitting new lows! This market is much worse than the 2022 bear market!
It's really a scam, and there are altcoins like $PIPPIN and $BEAT!
The project party controls over 90% of the chips, creating a price difference between spot and contract through wash trading, secretly building long positions at the bottom, and then consolidating for a long time, forcing short positions to continuously pay funding fees (collected once an hour), making it easy to harvest. Retail investors don't have the patience and capital to hold out to the end; as soon as they chase the high, they get hit by a big bearish candle and get wiped out.
These two coins have no actual value at all; BEAT's on-chain liquidity pool is less than 1 million USDT, yet it has artificially inflated to a market cap of 3 billion. If someone actually sells the spot, it simply can't hold and will go straight to zero. After pulling up PIPPIN by 200 times, the main force found no one to take over and could only dump it themselves, slowly making the money back through contract funding fees.
I opened a short position of 40,000 USDT on BEAT, and after holding for just one day, the funding fee has already cost me 3,000 USDT, equivalent to nearly 8% in a day. If it continues to consolidate, my principal will be wiped out, and I will have no choice but to cut losses and exit.
This mechanism of charging a funding fee once an hour is simply a harvesting tool tailor-made for project parties, no different from outright robbery. Brothers, don't touch this anymore, don't chase longs and don't blindly short, let them play their own game. These coins will ultimately be worth zero; once the funding rate returns to normal (every 4 or 8 hours), a collapse is just a matter of time. Don't keep paying for this kind of project!
$Binance Life
Yesterday, this trade worked out, I kept shorting and it was great.
$67
When the Chinese community finally collectively reacts and starts to discuss, promote, and worship frantically, the price has already reached a historic high, and it's time to exit.
$BNB
Today's key focus is on the 840 position. If the 4-hour line can stabilize above this level, a rebound is expected to start, with upper targets at 853, 866, and around 876 as resistance levels. If it cannot stabilize at 840, it indicates weakness in the rebound, and the price may continue to decline, with support to watch at 829, 818, and around 808.
$SOL
Today, the key observation point is at 122. The 4-hour line must stabilize above this price level for a rebound to be possible, with upper resistance levels at 126, 130, and around 134. If it cannot stabilize at 122, the rebound momentum will be insufficient, with support to watch at 117, 112, and around 109.
$U
The new stablecoin $u on Binance just launched, with the same name as my previous position! Now, a lot of meme coins are popping up in the liquidity pool, but only one has stabilized at a market value of over a million, while liquidity is honestly poor. If this were before, strong whales would have already entered to hype it up; this time it looks more like simply pooling funds, without any real strength from whales to enter.
