Tomorrow, the US and Cuba markets will be closed, and tonight is Christmas Eve, when the main players usually make moves. Although many will release liquidity on Christmas Eve, the cryptocurrency market is unlikely to have such a trend. After all, the market trend has been weak these past two days, so do not hold too much hope. A non-bullish trend Christmas is generally likely to be a 'Christmas crash,' and one should be wary of downward spikes, especially since the large drop that should have occurred after the interest rate hike has yet to materialize.
In the past 24 hours, a total of 86,594 people have been liquidated across the network, with a total liquidation amount of $243 million, with $188 million from long positions and $55.4125 million from short positions.
BTC
From the 1-hour perspective, Bitcoin is currently in a rising wedge pattern, which is a typical bearish pattern. Generally, the completion of this pattern requires a wave of accelerated decline to break through the lower boundary. Additionally, a head and shoulders pattern has appeared on the small-scale chart, further increasing the probability of a decline. Patience is needed to wait for the price to spike before entering long positions.
Operation suggestion: Today focus on the 87500 level. If the rebound cannot hold above this level, the market will be weak. Pay attention to the support levels around 86540-85220-83830. If it stabilizes above 87500 for 1-2 hours, then a rebound can begin, with resistance levels around 88250-88920-89600 above.
ETH
Ethereum has broken through the key support level on the small-scale chart. After the first break, there was a brief rebound, but it failed to stabilize effectively. The current price has again lost this support level, and this drop around 2850 is also our planned buying position. Once the price reaches this area, we can decisively enter to buy!
Operation suggestion: Today focus on the 2950 level. If the rebound cannot hold above this level, the market will be weak. Pay attention to the support levels around 2900-2865-2815. If it stabilizes above 2950 for 1-2 hours, then a rebound can begin, with resistance levels around 2987-3025-3078 above.
Altcoin
I have compiled the overall situation of meme coins in the B exchange secondary market:
In the B exchange secondary market, among several hundred meme coins, there are 330 that have dropped more than 80% from their peak, and 382 that have dropped more than 50%. From 2024 to now, within two years, 95% of the new meme coins launched on the B exchange have peaked upon listing, and then continued to decline.
So losing money in meme coins over the past two years is really not your fault; it's the fault of the market. Currently, the meme coin market is gradually transitioning into a scam market.
$SRC
While everyone was still nitpicking on BSC for angles, the SOL bull market has arrived. Today, $SRC surged directly over 50X. I checked out the screaming chicken video on TikTok, and it is indeed very catchy and fun. Regardless, be sure to manage your risk.
$LIGHT
Recently, after a few days of light gains, it directly dropped with a big bearish candle down, which has made many people completely afraid to touch the wild meme coins on the gainers list. The patterns are fundamentally unpredictable, and even if one makes a lucky profit, it's easy to get carried away, ultimately losing both principal and interest. If you can't help but want to play with other altcoins, just use a very small position to give it a try.
$PIPPIN
Pippin, we caught a short position yesterday. The recent wash trading is getting fiercer, and there could be a big bearish candle of 40%+ at any time. However, it has already risen several times from the bottom. Most of the coins on the contract gainers list are one-hit wonders that crash to the bottom, but this coin is relatively stable!
$PEPE
PEPE is already extremely oversold, with prices approaching the support level of the last sharp decline. Positioning in this oversold area is unlikely to result in losses and may instead offer a rebound of 1-3 times.
$SOL
The support for the index is still around 120 today. The most annoying scenario would be to create a new low at 115 and then quickly pull back. Therefore, do not increase your positions in altcoins too much. The pressure at the divide between long and short positions is at 126; only after crossing this can there be a decent upward trend.
$USD1
As long as the project is excellent enough, funds will flock in. Usually, the daily trading volume of USDT to USD1 is only over 10 million, but today it surged to 260 million, with the USD1 candlestick directly at a premium. However, the quota is limited, with only 50,000 USDT yielding an annualized 20%, with an average monthly cost of about 800 dollars. But in the current market environment, it's quite tempting!
