In the past 24 hours, a total of 357,978 people globally faced liquidation, with a total liquidation amount of $1.697 billion! Bitcoin plummeted by $80,000, Ethereum dropped by 2,600, and now it's just lying flat; the scythe can't touch me unless it goes back to 74,800, then I'll buy the dip again! Such a deep decline will take at least a week or two to establish a bottom, and there are opportunities to enter the market, unless you're completely out of positions, there's no need to rush.
BTC
Yesterday, after BTC accelerated its decline, it formed a large long shadow candle with a huge volume, exceeding the 1010 liquidation day. The liquidity from the panic selling yesterday was absorbed by large funds, and similar to January 2022, it found support at the weekly EMA120 moving average and initiated a rebound.
(1) 80000 is a key support level; if it breaks below, the extreme position is around 73000-75000. The next few days will focus on the oscillation above 80000.
(2) Pay attention to the pressure level around 87700-87800 on the smaller time frames; if there is a rebound to 85785-86185, continue adding to shorts. Target 79666-77455.
(3) Recently, BTC needs to rise above 86300 to change the bearish market structure, otherwise, there is still a risk of a second probing dip.
(4) The market generally believes that BTC has entered a bear market, with institutions scrambling to sell BTC. The fear index is below 10, and the current buying is basically just betting on a rebound, rather than genuinely bottom-fishing.
ETH
ETH is close to dropping below 2600, currently rebounding to around 2750 with weak momentum. The bullish arrangement of moving averages has been completely broken, daily charts are closing in red, MACD has a death cross, and volume is shrinking. The red bars are continuously decreasing, and trading volume's red bar energy is dwindling to a freezing point; it is highly likely to continue falling during the day.
Upper pressure 2779-2805-2833; lower support 2716-2675-2640, maximum pressure 2860. If there is a rebound to 2804-2850, continue adding to shorts, targeting 2640.
ZEC
ZEC's daily chart closed poorly, resembling a distribution pattern. One Evening Star is not enough; with two Evening Stars appearing consecutively, this top is quite solid. Additionally, since November 8, ZEC's on-market concentration has been oscillating downwards, indicating that the main force is continuously distributing chips. All signals suggest that ZEC has entered a downward trend. I still believe that shorting ZEC should be the most certain and potentially profitable opportunity in the upcoming period.
STRK
STRK started following ZEC after a strong pin bar yesterday, reducing positions. Continue to observe for a few days to see if it should be re-entered. STRK is backed up with a lot of short liquidity in the range of $0.23 to $0.28, providing perfect fuel for a severe short squeeze. The strong support level in the range of $0.17 to $0.18, with a long lower shadow indicating that buyers are fiercely defending. I still see promise in this narrative, but now it's difficult to establish a mid-term position.
Altcoin
Everyone is shouting, 'The altcoin has dropped as much as it can, it's the bottom!' The so-called 'altcoin has stopped falling' is just a reflection of liquidity exhaustion. It's like the houses in second and third-tier cities, which have been on the market for three years with no interest; their prices haven't dropped because there are simply no buyers. The seemingly lifeless horizontal line on the K chart is not 'bottom support,' it's just a flattened ECG.
The common pain point of retail investors lies here.
Mistaking 'no one is buying' for 'it's hit the bottom': Thinking it's a return to value, when in fact the market makers have long left the table, leaving a bunch of retail investors staring at each other in the ICU.
Taking 'getting out of a loss' as a belief: All that's on your mind is 'waiting for the bull to return, I'll run as soon as I break even.' The worst part of the market is: since everyone in the vehicle wants to break even and run, the vehicle will never come back to pick you up.
Love pays for 'outdated nostalgia': The crypto circle is all about novelty and disdain for the old. Funds are always chasing the latest narratives (AI, Meme, on-chain dogs), and those 'top-tier projects' you hold from the last cycle are now just digital versions of dilapidated properties—valued but with no market, only to be passed on to the next generation.
Don't be the one waiting in a ghost town for demolition.
Market conditions change rapidly; specific entry and exit points should be determined in real-time. Follow the trend once it breaks! No matter how confident you feel, please strictly execute stop-loss strategies! That's all for today! Follow me, and you won't get lost!
