The US and Cuban markets are closed tomorrow, and tonight is Christmas Eve, a time when major players usually stir things up. Although many cryptocurrencies release liquidity on Christmas Eve, it's unlikely the cryptocurrency market will see such a rally. After all, the market has been weak these past few days, so don't hold out too much hope. In a non-bull market, Christmas is often a "Christmas crash," and we should be wary of a sharp drop, especially since the expected plunge following Japan's interest rate hike hasn't materialized yet. Be cautious.
In the past 24 hours, a total of 86,594 people across the internet have had their positions liquidated, with a total liquidation amount of $243 million. Long positions were liquidated for $188 million, and short positions for $55.4125 million.
BTC
From an hourly chart perspective, Bitcoin is currently in a rising wedge pattern, a typical bearish pattern. Typically, this pattern requires a sharp drop to break the lower trendline before it completes. Furthermore, a head and shoulders pattern has appeared on smaller timeframes, further increasing the probability of a decline. It's advisable to patiently wait for a price spike followed by a pullback before entering long positions.
Trading suggestion: Today, pay attention to the 87500 level. If the rebound fails to hold above this level, the market is likely weak, with support levels around 86540, 85220, and 83830. A rebound is expected only after a firm hold above 87500 on the 1-2 hour timeframe, with resistance levels around 88250, 88920, and 89600.
ETH
Ethereum's key support level has been broken on smaller timeframes. Although there was a brief rebound after the initial break, it failed to hold and the price has now fallen below this support level again. The area around 2850 is also our planned entry point for long positions. Once the price reaches this area, you can confidently enter a long position!
Trading suggestion: Today, pay attention to the 2950 level. If the rebound fails to hold above this level, the market is likely to be weak, with support levels around 2900, 2865, and 2815. A rebound is expected only if the price stabilizes above 2950 on the 1-2 hour timeframe, with resistance levels around 2987, 3025, and 3078.
Copycat
I've compiled statistics on the overall situation of Altcoin in the secondary market on Beta:
Among the hundreds of Altcoin on Beta's secondary market, 330 have fallen by more than 80% from their peak, and 382 have fallen by more than 50%. From 2024 to the present, 95% of the Altcoin newly listed on Beta have peaked upon listing and then continued to fall.
So losing money playing Altcoin in the past two years is not your fault, it's the market's fault. The Altcoin market is gradually transitioning into a scam market.
$SRC
While everyone was still nitpicking and finding angles in BSC (Baidu, Sci-Tech, and CSI), the bull market arrived, with a direct surge of over 50x today (2024111120230). I checked out the screaming chicken video on TikTok; it's indeed very catchy and fun. Regardless, it's crucial to manage risk effectively.
$LIGHT
Light recently surged for a few days before plummeting to its lowest point with a large bearish candlestick. This has made many people hesitant to touch the top-performing Altcoin on the gainers list. The chart patterns are unpredictable, and even if you manage to make a profit, it's easy to get carried away and end up losing everything. If you really can't resist trying other Altcoin, just use a very small position to gamble.
$PIPPIN
We shorted Pippin yesterday. The recent market correction has been getting more and more severe, and a 40%+ drop could happen at any time. However, it has already risen more than ten times from the bottom. Most of the coins on the contract gainers list are short-lived and will collapse once they hit the bottom. This coin is relatively stable!
$PEPE
PEPE is extremely oversold, with prices approaching the support level of the lower shadow line from the last sharp drop. Buying in this oversold area is almost guaranteed to be profitable, and could even lead to a 1-3x rebound.
$SOL
The support level for altcoins remains around 120 today; keep an eye on this level. The most frustrating scenario is a new low to 115 followed by a rapid rebound, so be careful not to overleverage your Altcoin positions. The key resistance level is 126; a break above this level is needed for a significant upward move.
$USD1
If a project is good enough, funds will flock to it. Normally, the daily trading volume of USDT against USD1 is only around 10 million, but today it surged to 260 million, causing USD1 to trade at a premium. However, the quota is limited; 50,000 USDT only yields an annualized return of 20%, with an average monthly cost of about $800. But in the current market environment, this is quite attractive!
