Everyone thought that after Powell's hawkish tone, there would be no more wind, but unexpectedly, shorts launched a counterattack. BTC continues to break through support and fall, and the 3000-point level of ETH will be tested. Altcoins have given back all their profits. At this moment, the market doubts whether Trump's BTC reserve strategy can be implemented. This big dump in the crypto market once again demonstrates that news is the biggest factor affecting market trends, and it also underscores the importance of swing trading. After the afternoon's uncontested big dump, the emotions of most people are starting to collapse, and the voice of cutting losses is echoing throughout the market. In fact, the bull market in 2021 before the Western Christmas also followed a similar pattern.

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In addition, the Fed has no intention of participating in any plan by the US government to hoard a large amount of encryption currency. And the Fed's meeting lowered its expectations for interest rate cuts next year. As a result, the encryption currency has experienced four rapid declines, and today's decline is the fifth. Regardless of the signal or information that caused the decline, the decline has already occurred, which is a fact. Since the market has entered a downward mode, it will not end so quickly.
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The daily price of the currency continues to fall, the weekly chart forms a large downward black K-line, and the monthly chart forms a long upper shadow line. The contrast between the positive K-line last month and the negative K-line this month is clear, accompanied by a high and low retracement and a downward trend. At the beginning of the week, there was an increase, but it was all given back at the end of the week. The weak market will see further retracement. The double highs on the daily chart confirm the retracement to the neckline. After the repeated high and low retracements last week, there is a partial repeated accumulation of downward momentum, driving the short-term indicators to turn downwards. In a downtrend, what needs to be done is to observe the high points of the rebound and go short, rather than thinking about going against the trend and going long to speculate on the rebound. Any rebound or recovery is for the purpose of accumulating strength for the next round of probing the bottom. This trading mindset is something you must be aware of. No one can know where the bottom is now. We can only consider the previous lows of 90000 and 3020 as strong support. Only if they are not broken can we consider it as a real opportunity to buy at the bottom! If the weekend market does not exert pressure, the operation will continue to maintain a high short position and focus on shorting the rebound.
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