This market is too grinding, swinging up and down repeatedly like drawing doors every day. The endless decline shows how well the whales are manipulating the market, while short sellers are having a blast. With the Christmas holiday coming next week, the damn whales probably started early by dumping and running. In this market, rebounds are brief, and then the bears continue to crush. Some small exchanges are barely holding on, and market liquidity is getting worse and worse.
Over the past 24 hours, 163,122 people were liquidated across the network, with a total liquidation amount of $551 million. Long positions accounted for $390 million in liquidations, while short positions were $161 million.
Today's BTC and ETH Market Analysis
On the weekly chart, Ethereum's bearish trend is gradually strengthening. Over the past five weeks, the price has been oscillating repeatedly within the 2800-3080 range. Breakouts above have mostly been fake, and support below has been tested multiple times. The current pattern resembles a four-wave flag consolidation. If this pattern holds, the 2800 or even 2700 area could be a good opportunity to go long. However, be wary of another possibility: if the head and shoulders top pattern continues to play out, the price may extend the previous C-wave decline, with the next major target potentially around 2100-2200.
Short-term key observation: The direction will be determined by whether Ethereum can effectively break through and stabilize above 3080-3100 in the remaining trading days this week and early next week. For Bitcoin, watch the resistance around 90800-91600, with major support near 83600.
Bitcoin short-term trading suggestion: Consider going short near 86500-87000 on a rebound, with a stop loss set above 87500. The first target is 85000-84500; if broken, it could go to 83600. If not broken, consider going long opportunistically.
Ethereum short-term trading suggestion: Consider going short near 2900-2930 on a rebound, with a stop loss set above 2970. The first target is 2810-2836; if broken, it could go to 2753. If not broken, consider going long opportunistically.
Altcoins
Now, just click on former hot altcoins like $PUMP, $ONDO, $ORDI—they're all in free fall, constantly hitting new lows! This market is even worse than the 2022 bear market!
It's really a trap, especially with altcoins like $PIPPIN and $BEAT!
The project teams control over 90% of the supply, creating price differences between spot and futures through wash trading, secretly building long positions at the bottom, then maintaining a long sideways period, forcing short sellers to continuously pay funding fees (collected hourly), easily harvesting them. Retail investors don't have the patience or capital to hold out to the end? The moment they chase the high, a big red candle comes and liquidates them directly.
These coins have no real value. BEAT's on-chain liquidity pool is less than $1 million, yet it's hyped to a $3 billion market cap. If someone actually dumps the spot, it can't hold and will go straight to zero. After the PIPPIN team pumped it 200x and found no buyers, they had to dump it themselves, then rely on futures funding fees to slowly make the money back.
I myself opened a $40,000 short position on BEAT. After just one day, the funding fees ate up $3,000, nearly 8% of the capital in one day. If it keeps moving sideways, the principal will be eaten away, and I'll have to cut losses and exit.
This hourly funding fee mechanism is practically tailor-made harvesting tool for project teams, no different from outright robbery. Bros, stop touching these. Don't chase longs or blindly short; let them play by themselves. The ultimate value of these coins is 0. When the funding fee normalizes (to every 4 or 8 hours), a crash is only a matter of time. Stop paying for these project teams!
$Binance Life
I caught this one yesterday—shorting non-stop feels great.
$67
When the Chinese community finally collectively realizes, starts疯狂 discussing, promoting, and chasing it, and the price hits a new all-time high, it's time to exit.
$BNB
Today's key level is 840. If the 4-hour candle can stabilize above this level, a rebound could start, with upside targets at the resistance levels near 853, 866, and 876. If it fails to hold 840, it indicates weak rebound momentum, and the price may continue to fall, with support around 829, 818, and 808.
$SOL
Today's focus is on the 122 level. The 4-hour candle needs to stabilize above this price to有望 launch a rebound, with resistance levels at 126, 130, and 134. If it fails to hold 122, rebound momentum is insufficient, with support around 117, 112, and 109.
$U
Binance's new stablecoin $U just launched, same name as my holding! Now the pool has spawned several meme coins, but only one has held a million市值, and the liquidity is really poor. In the past, strong whales would have entered to pump it, but this time it looks more like just forming a group—no powerful whales have entered at all.
