December 16th BTC. ETH. The early morning bullish trend is once again wounded.

From some intuitive news, we can see that market whales and institutions are all announcing how much long positions they hold and how much unrealized loss they have. In essence, many retail investors are blindly bottom-fishing in this wave. A very obvious major positive is the Federal Reserve's large rate cut, which caused the market to sharply rally from around 90,000 to near 94,000, then quickly pull back near the 90,000 level, clearly signaling a decline.

Subsequently, the gradual approach of small-rate hikes by the Fed causes the market to fluctuate turbulently. Last Friday's key top-bottom reversal around 93,000 saw short positions entering; everyone should avoid bottom-fishing in static posts. Yesterday, our bearish outlook remained unchanged: short ETH at 3165 and short BTC at 89700.

Tonight at 21:30, the US Non-Farm Payrolls report for November will be released. Considering that Fed Chair Powell previously cited a weakening employment market as the main reason for rate cuts, if this week's employment data shows weakness, the USD may face further selling pressure before the year's end.

BTC trading suggestion: short at 87200-87700, target 86000, with a breakdown looking at 84700-83700.

ETH trading suggestion: short at 2990-3015, target 2885, with a breakdown looking at 2850-2800.