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Everyone thought that after Powell's hawkishness, there would be no more wind, but unexpectedly the shorts staged a comeback. BTC continued to break through and fall, and the 3000-point level of ETH will be tested. Altcoins have given back all the profits. At this moment, the market doubts whether Trump's BTC pot home strategy reserve can be implemented, and this big dump in the encryption market once again illustrates that news is the biggest factor affecting market trends. It also once again illustrates the importance of swing trading. After the afternoon's unresisted big dump, most people's emotions began to collapse, and the voice of Cut Loss filled the entire market. In fact, the trend before Christmas in the Western bull market in 2021 was the same.
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In addition, the Federal Reserve 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 expectations of interest rate cuts next year. As a result, encryption currencies have experienced four rapid and steep declines, and today's decline is the fifth. Regardless of the signal or information that caused the decline, the fact is that it has already declined. 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 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 rise and fall. At the beginning of the week, there was a rise, but it was all given back at the end of the week. The weak market will further test the trend. The daily chart confirms the fall from the double high to the neckline. After last week's repeated rise and fall, it is locally accumulating downward momentum, driving short-term indicators to turn down. In the downward trend, what we need to do is to observe the high point of the rebound and go short, instead of trying to go against the trend and go long to bet on the rebound. Any rebound and repair is to accumulate strength for the next bottom exploration. You must have this trading idea. No one knows where the bottom is now. We can only treat the previous low of 90000 and 3020 as strong support. Only if it doesn't break, can we consider truly bottom fishing! If the weekend market is not suppressed, the operation will continue to maintain a high short and rebound short as the main strategy.