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Tomorrow, will it be another black swan?
Tonight, my stance is very clear.
I continue to be bearish.
BTC dropped from around 63.2K to 59.1K today
down over 4% in 24 hours
ETH is weaker
hit from around 1690 to near 1550
a drop of nearly 5%
After this line came crashing down
the bulls have already lost their breath
Tomorrow is the 26th options expiration again
and it also falls on a Friday
With this combination, I don't want to pretend to be neutral
I hold short positions
and I'm looking at a script that continues to push down
The reason for today's decline is not complicated
Risk assets are generally weak
After BTC broke below 60K, market confidence took a hit
Plus, around expiration dates, positions are easily amplified in volatility
So tomorrow I'm more focused on one thing:
Whether the bulls have the ability to regain the momentum they lost today
If they can't get it back
then Black Friday won't be a joke
BTC 60K has already been broken through
ETH 1600 is also lost
Once these two levels are broken
the market situation is no longer what it was
I don't want to write too strongly now
But I also don't want to soften my words; bearish is bearish
If it continues to go down tomorrow
I wouldn't be surprised at all
Especially ETH
Staying below 1600 for a long time, bulls will become increasingly passive
So I'm posting this not to persuade anyone
but to give a reminder:
Don't treat tomorrow as an ordinary Friday
This kind of market, once it continues to give rhythm to the bears, the speed might be faster than many people think!