🚨6/4 Afternoon BTC/ETH Market Report🚨
🔶 In yesterday's article, a short position near Bitcoin 106888 was suggested. However, the market only reached around 106775 before starting a downward trend towards around 105000. Ethereum was also suggested to short near 2667, but it only peaked around 2655 before retracing to around 2563. Therefore, the thought process yesterday was correct, but no positions were taken. Today, from the market perspective, we should not overly chase for a retracement; the overall trend remains quite strong.
🔶 From the chart below, we can see that after the price hit the upper resistance level near 107000, it continued to retrace. It has touched this area several times and has been pushed down each time. It is evident that this resistance is quite strong. However, from the market perspective, Bitcoin's price lows are continuously rising, and the highs are consistently breaking previous smaller highs. This implies that the buying pressure below is still relatively strong, so it is advisable to play for a long position at lower prices during the day.
🔶 Currently, the support level near 104900 is the support of the four small-level baseline, and the previous expansion line support is near 103600. These two positions are worth betting on for a low long. After entering, one can pay attention to the breakout situation around 107000, and it is recommended to reduce the position by 80% near this area (200-300 points) before betting around 108300 and 110440.
🔶 Currently, the trend of $ETH is slightly stronger than Bitcoin. The previous resistance near 2620 has been broken and has now become a support level, showing an effective response after touching in the morning. A position can be taken here, focusing mainly on the support of the hourly baseline near 2608 below, as well as participating in long positions near 2570 and 2560. Pay attention to the upper level around 2650, where several attempts have failed to break through effectively. This also happens to be near the expansion line 50, so it is advisable to reduce the position near 2650 for long positions, while the remaining position can bet around 2680-2723 and 2807.
⚠️: Note that all entry and exit points above have a deviation of ±100 points for Bitcoin and ±5 points for Ethereum. Furthermore, all points above are derived solely from the market chart patterns and technical indicators, which may have real-time fluctuations and be influenced by news events. The above is purely personal opinion and for reference only; profits and losses are your own responsibility!
