The cryptocurrency has now fallen below the support level and is starting to enter an unregulated area. High market cap coins may retrace by 75%, while low market cap coins may return to their starting point, which is not impossible. But don't think the bull market is over just because of a drop; that would be a huge loss. Remember, in a bull market, going long means that even if you get stuck, there’s still a chance to get out; but if you go short and get stuck, then you can just wait for liquidation.

If you have long positions, don't rush to cut your losses; if you sell and it goes back up, you'll regret it. You can try to take some short positions to hedge a bit. Wait until you see strong reversal signals, and then add to your position to lower the average price of your long positions. This way, you can welcome the cryptocurrency frenzy after Trump takes office next year.