June 4th Morning BTC/ETH Analysis:
Trump's Tariff Controversy Resurfaces!
Early this morning, Trump signed an executive order to impose an additional 50% tariff on steel and aluminum. The reasons are twofold: firstly, to protect domestic industries from the impact of foreign products and to increase employment opportunities in light of rising unemployment rates; secondly, to constrain major steel and aluminum exporting countries. In the current deteriorating economic situation, using taxes to maintain government spending is beneficial for cryptocurrencies in the long run. Trump has been using tariffs to limit and have countries share the risks of the US economic downturn while vigorously promoting cryptocurrency policies. After the dollar loses its dominant position, he is looking for alternative ways to control the global economy. This move can be considered quite clever!
Last night, Bitcoin saw a surge, reaching daily resistance around 1067 before falling back. Friends who opened positions around 1048 in yesterday morning's analysis have nearly 2000 points of space. During the day, pay attention to the 1050 position. As long as it doesn’t fall below this level on the four-hour chart, it will still go up. Pay attention to the pressure above at 1065-1077. You can try a stop loss of 3-500 near 1065, mainly focusing on low volatility during the day.
BTC: Trading around 1046-1052, with a stop loss of 600 points, target 1067-1077.
Ethereum's daily level still shows a bullish trend. It seems that the gain is not significant due to Bitcoin's surge last night. It has just broken through the 2650 resistance level. Focus on the 2587 position during the day, which is the top of yesterday's consolidation area. As long as it doesn’t fall below this level, the bullish trend will continue, with resistance above at 2650-2673.
ETH: Trading around 2587-2600, with a stop loss of 35 points, target 2650-2705.
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