11.121

After the non-farm payroll data was released, CME's expectation for the Federal Reserve to cut interest rates in December rose from 28.7% to 41.6%. There was hope that Nvidia's earnings report would boost investor sentiment, after all, the AI bubble doesn't seem that easy to burst. It did provide a short-term lift, but after the US stock market opened, Nvidia started to decline, and the entire US stock market also fell. It not only erased the Nasdaq's 2.5% gain at the opening but also closed down 2.3%, with an amplitude of nearly 5% in one day, which is quite rare. The released non-farm data was still relatively favorable for a rate cut in December, but the market still experienced such a significant drop. As expected, a drop without negative news is often a signal that danger is beginning, usually indicating that liquidity has started to tighten.

BTC
The current trend for Bitcoin remains unchanged, still showing a complete downtrend. From the weekly level, there is no clear stop to the decline. Next, we need to pay attention to the range of 78000 to 86000 to see if it can hold within this range and form a bottom. Therefore, in the short term, as long as it does not stabilize above 89500, it will continue to go down, with support at 86300-78500 and resistance at 88800-90000.

ETH
Ethereum came to around 2820 as expected, and next we can pay attention to 2800 downwards in batches. In the short term, there is no sign of a stop in the decline, but after falling for so long, we need to pay attention to the short-term bottom, with support at 2820-2600 and resistance at 2930-3000.