After yesterday's big drop and the daily close, ETH managed to stay just above the EMA 100-day line at 3850. Similarly, SOL perfectly held at the EMA 100-day line without further decline. On the other hand, BTC broke below the EMA 100, but luckily it didn’t break the EMA 200. Looking at it this way, it’s still a bit tricky to judge whether the drop has stopped. BTC’s current position is very similar to August 30, hovering near the EMA 150-day line. If it holds here and pairs with a positive PCE report tonight, a rebound to test 113,000 seems reasonable. However, if the data tonight isn’t good, BTC, ETH, and SOL could all drop to their EMA 200 levels, which are around 106,000, 3400, and 180, respectively. Given the current weakness, emotionally, I feel it might be better to just rip the band-aid off, drop to the bottom quickly, and restart a new cycle. That said, the deleveraging this week has already been pretty thorough. Tonight’s PCE is highly likely to meet expectations. Without any fundamental or macro-level bad news, another big drop doesn’t seem realistic. But the overall structure is indeed still in a downward consolidation range. Without a deeper correction to a level slightly lower than the previous low of 107, it’s hard to imagine a new high being achieved. With the balance of bullish and bearish forces, it seems more reasonable to consolidate for another two weeks and then aim for an upward move in mid-October, betting on a rate cut by the end of the month.