Analysis of the Market on June 3rd by Bi Zhuge

In the middle section, we briefly discussed the general direction, so let's do some detailed analysis next!

Bitcoin: On May 23rd, after breaking a new high, it entered a few days of pullback, and then on the 27th, the rebound did not achieve a sustained effective breakthrough, forming a small cycle level double top pressure. This is also one of the reasons why I warned about risks on the 28th! But Bitcoin is ultimately still Bitcoin. I often say that Bitcoin has its own path to take. Even if this round of market is ending, it won't plummet like altcoins! It will definitely give us a chance for a second top, a third top to take profits and exit, which is why I have been calling for everyone to return to value, stay away from altcoins, stay away from scam coins, and stay away from contracts! Only Bitcoin has candlestick charts, only Bitcoin can continue trading in the long term!

Looking at the monthly chart from the past few days, June is likely to become a controversial month. How do we understand this statement?

First, there is a high probability that June will have the opportunity to break new highs again, but at the same time, it will definitely peak in June! This means reducing positions to clear out.

Second, the rebound in the first half of this month was not strong enough, stopping below the previous high, which means a major double top formation! Then we will enter a long downward trend!

In summary, if it's the first scenario, we can basically free up some time for Ethereum to lead some smaller coins to perform (just to touch on it)! If it's the second scenario, then Ethereum will have no room to perform, let alone the smaller coins; Ethereum will also have to withdraw in sync with Bitcoin!

Ethereum: At the end of last month, it first broke through from 2685 to 2788, but due to the pullback of Bitcoin, it could not stabilize. Here’s a saying for everyone: The arm (Ethereum) can't twist the thigh (Bitcoin)! Don’t expect other smaller coins to have an independent market when Bitcoin is unstable! Fortunately, Bitcoin's short-term pullback at the beginning of the month was in place, and the weekly close was mediocre. There is a chance for a rebound at the small cycle level, which is why Ethereum has another chance to breathe; let's see if Ethereum values it! If it quickly breaks through 2685 and stabilizes again, and if Bitcoin doesn't act erratically, Ethereum is expected to have a small independent breakout market, reaching around 2930-3200, which is still possible! But it is also essential to emphasize the importance of taking profits at the top!

The above is purely personal opinion and does not constitute investment advice!

The cryptocurrency market has risks, and investment should be cautious!