In the past 24 hours, the cryptocurrency market has once again experienced thrilling fluctuations, with a total of 108,411 people encountering liquidation, amounting to a total liquidation value of 289 million dollars. After the severe washout this week, the market has entered a critical observation period.

BTC

The current trend of Bitcoin aligns with previous bearish expectations, having fallen below the support zone of 89,000-90,000 and dipping to around 87,000. From a pattern perspective, the price is still within an ascending wedge structure, which is usually seen as a bearish signal.

The overall trend is weak, and a short-term rebound is expected before continuing to decline. The rebound peak may be in the range of 90500-91000, and if considering going short, orders can be placed near 90550. If there is another decline, the price may test the previous sharp drop low.

If the current pattern continues, the downward target may be in the range of $80,000 to $75,000. Unless it can stabilize above $93,000, it is highly likely that this month will maintain a fluctuating downward trend, and shorting on highs during rebound phases still offers good cost performance.

ETH

Ethereum's trend is slightly stronger than Bitcoin; after taking profits on long positions at 3250, there have been no operations since then, mainly because it was not an ideal short position at that time.

Currently, ETH, although relatively strong, is still in an overall downtrend. The pattern currently forming looks like a rectangular consolidation, but I believe it is more likely a bearish flag pattern. If it is the latter, a short-term rebound is likely to be followed by continued decline.

According to the bearish flag pattern, the rebound resistance line is approximately at 3150. It is recommended to look for short opportunities in the 3150-3200 range; this type of pattern is prone to fake breakouts to lure in longs before accelerating downward. Once it breaks down, the target can look towards around 2930.

Reminder: BTC plans to place a short order around 90550, ETH plans to place a short order at 3172, both have reserved positions for adding to avoid stop-loss due to false breakouts, as this position is a resistance line, so short orders can be placed.

This week's core focus: two key data points

This week the market will welcome two major data releases, expected to trigger significant volatility:

  • Tuesday: US non-farm payroll data, the results of which will directly affect the market's expectations for a rate cut in January next year.

  • Thursday: US CPI inflation data, which will influence discussions within the Federal Reserve about the timing of rate cuts.

This week's core strategy remains focused on 'shorting,' suggesting a reduction in small segment long positions. Bottom fishing should be done cautiously, and longs should not be opened unless there is a deep correction. It is expected that the market will mainly experience slight fluctuations before Thursday, with deeper adjustments likely delayed until around Christmas.

Observations on altcoin dynamics and opportunities

ORDI: Daily chart shows initial signs of a bottoming out, the market has entered a complex consolidation phase of 'trading time for space.' The price is oscillating in a very narrow range of 3.855 - 4.557, forming a typical 'symmetrical triangle,' indicating a major turning point is approaching.

ZK: The price has retraced to near the low point of the previous surge, the current spot risk-reward ratio is relatively suitable, and stop-loss can be set below 0.029.

Recently, meme coins have frequently appeared in the market, but there are not many projects with sustained control capacity:

$SENTIS: Rose from 0.03 to 0.3, no contracts, belongs to a unidirectional strong control mode, mainly observing.

$FOLKS: Previously very popular, it halved from a high of 47 to 20, with sufficient consolidation. If the support at 23 holds, it is expected to strengthen.

$BEAT: Contract price violently surged from 0.2 to 2.8, with obvious volume trading, similar in style to previous meme coins, suitable for trend investors to buy on dips.

$JELLY: Steady and rhythmic trend, starting from 0.08 and now at 0.11, showing strong trend characteristics, needs close monitoring.

$ICNT: Current price 0.42, showing a converging breakout pattern, with significant potential, can be watched on dips.

$TAKE: Daily structure is strong, current price 0.35, typical control pattern.

Survival guide for the current market

Currently, new meme projects on chains like BSC have noticeably weakened, with liquidity shrinking, most showing a 'one-wave flow' trend. In such a market environment, blindly chasing new projects can easily deplete capital.

A more prudent strategy is:

Hold those traditional community coins with a real community foundation and activity, such as $BeeDog, $HorseToSuccess, etc. These assets tend to be more resilient in bear markets and often have good elasticity when the market warms up, making them a relatively high-cost performance choice.

Risk warning: The above content is merely a summary of market information and analysis, and does not constitute any investment advice. The cryptocurrency market is highly volatile, and readers must exercise rational judgment, make independent decisions, and manage risks well.