June 13, Friday morning Bitcoin and Ethereum latest market analysis and trading suggestions
Reviewing the midnight market, Bitcoin experienced a strong rebound reaching the high point of 108398, but encountered a strong counterattack from bears, dropping to the low point of 105700; Ethereum's trend was synchronized, briefly spiking to 2769 but failing to hold its ground, quickly plunging to the bottom of 2614. This trend perfectly confirms the market judgment of the bearish outlook presented by Xiao Ge before midnight. Xiao Ge set up a short position at 108200, and as market sentiment shifted, ultimately took profit at 105900, capturing a space of 2300 points, fully demonstrating his precise grasp of the market pulse.
From the 4-hour technical analysis, the current market situation is clearly visible. The price is showing a downward trend, running near the lower band of the Bollinger Bands, which are narrowing, indicating that the market is about to make a directional choice. The short-term resistance level above is mainly focused on the pressure of the middle band of the Bollinger Bands, which poses a significant challenge to the rebound, like an insurmountable barrier.
In terms of technical indicators, the Bollinger Bands show that the price continues to operate close to the lower band, with the middle band clearly sloping downwards, reflecting the dominance of bears, as if the bear army is advancing steadily. In the MACD indicator, the DIF line remains below the DEA line, maintaining a death cross state, and the negative histogram is showing an expanding trend, indicating that the downward momentum is gradually strengthening and the bearish strength continues to accumulate. The KDJ indicator shows that all three lines have entered the oversold zone, although this suggests that there may be a technical rebound demand in the short term, considering the risk of indicator dullness, the possibility of further price declines cannot be ruled out. Overall, the market at the 4-hour level is under the control of bears, and the current downward momentum has not yet been fully released. To achieve an effective rebound, an increase in trading volume is key; otherwise, bearish forces may continue to dominate the market.
The specific operations are as follows:
• Bitcoin: A short position can be arranged around 106400, with a short-term target looking towards 104000. 106400 serves as the current key resistance level, and the price is likely to face resistance and retreat in this area. If it successfully drops to 104000, investors can gain considerable profits.
• Ethereum: A short position can be arranged around 2660, with a short-term target looking towards 2560. The 2660 position also has strong resistance, and after being blocked from rebounding at this point, it is expected to further drop to the 2560 target.
