$ETH
Rapid Needle Injection Bloodbath for Longs!
Early this morning, Aunt Big Pie's rapid needle injection led the altcoin avalanche, with 570,000 people liquidated across the internet, wiping out over 1.7 billion U.S. dollars in long positions. I personally suffered as well, losing more than 20,000 dollars, which has taken away a large portion of my recent profits in altcoins. My WiFi was originally profitable by over 10,000 dollars, but due to market changes, it has now lost 7,000 dollars this month. Sigh 😔
Yesterday:
I mentioned in my post that Ethereum at 3860 could be a short-term long, and indeed it went up, but I didn't exit because I wanted to see the market trend, so I ended up close to breaking even. It dropped to 3750 in the early morning, which was my stop-loss point, so I increased my position and went long again, resulting in an 8000 U.S. dollar loss at stop-loss. Last night was different from December 6th — last night there were two rapid injections, and such market movements are unpredictable. The K-line indicators become ineffective in such conditions because there is no basis; it’s the institutional traders cleaning up.
Tonight:
I personally recommend not to operate, or to place buy orders at last night's injection low points. Because many smaller traders followed in due to the low price after last night’s injection, and then it went down again. I personally analyze that there will be another wave of decline followed by an increase tonight, aimed at washing out the bottom-buying sentiment.
My personal loss positions are shown below, and profitable positions will be announced in the next post. I am still holding onto FIL, no need to panic.
How are you all doing? Are you still around?
