December 10, Tuesday, a gloomy day

✅️ Market Review and Analysis

This wave of market activity is quite dramatic; Bitcoin and Ethereum haven't retraced much, while altcoins have plummeted, with altcoin contracts being thoroughly washed out!

At 5 AM, Bitcoin spiked to around 94,000, and Ethereum spiked to around 3,500. After that, the market rebounded, just when it seemed the adjustment was over, around 6 AM, there was another spike, with Bitcoin hitting around 95,000 and Ethereum again at around 3,500. This back-and-forth trapped all those who had chased in previously.

Overall, the current market price for Bitcoin is around 97,600, and for Ethereum, it's around 3,730. The prices haven't retraced by many points, and the drop hasn't exceeded 5 points. Altcoins are in a bloodbath, with most altcoins plummeting over 30%.

Currently, the market has entered a range of oscillation and adjustment, with weak rebound strength; we continue to look for a retracement today!

Today's strategy focuses on short positions.

✅️ Spot Market

Overall in the spot market, from this round's peak, most should have retraced around 20-30%. Long position traders are essentially trapped. Brother Yu has emphasized many times that spikes during a bull market are normal; try to avoid contracts and leverage. In this situation, one can only hope for the best!

Looking at the community and private messages, some friends took long positions and spot purchases during the spike early in the morning. Here, Brother Yu's advice is to take profits if possible; in a volatile market, try not to hold for long. Your bottom-fishing position may have increased compared to the current price, but during this volatile phase, it’s better to take profits first!

It's okay if the spot market retraces; from this round, what has gone back is mainly profit. Keep a good mindset; there aren't significant issues with the spot market. The market has only been moving for a month, so it hasn't ended yet!

For now, do not engage in any additional position building, especially in contracts. Don’t think that just because it has dropped a lot, it’s time to go long. What you think is a high point is not necessarily a high point, and what you think is a low point is also not necessarily a low point!