Crypto Scholar: On June 16, Bitcoin bulls are still consolidating at the bottom, and testing the bottom around 100,000 may become a key point for future trend changes! Latest market analysis and reference advice
The essence of trading is survival, and then comes the hope for profit, I hope you can understand,
The current price of Bitcoin is 105,700, and it is now 1:30 AM Beijing time. Bitcoin has been hovering above the 100,000 mark for six weeks now. Before any significant positive or negative news, it is expected that Bitcoin will continue to consolidate above 100,000. Whether it is a short-term or medium-term layout, it seems that the best entry points are around 110,000 for a southward position and near 100,000 for a northward position. For retail investors, it is not the case; instead, swing trading is the most flexible mode. If you only trade these two positions, it is easy to end up with nothing left. The strategy of buying low and selling high is more suitable for the current Bitcoin bull market.
Before the article was published, the daily K-line reached a high of 106,150 and a low of 104,850. The suggested approach from yesterday was correct, and the upper pressure level is valid. Short-term swing trading profits of 1,000 points; congratulations to everyone for taking profits. Currently, the daily K-line is hindered by the EMA30 trend support at 105,150 and is constrained by the fast line resistance at 106,200. The MACD has continued to shrink in volume and accumulate positions, and the Bollinger Bands continue to consolidate in a box pattern. The upper band is focused on 110,300, and the lower band is focused on 101,900. Friends with a thick bottom can open a light dual-position position at the current price. As for operations, those who understand know what to do.
The four-hour K-line is currently in a downtrend. The EMA trend indicator has formed a downward alternating diffusion double death cross trend. The top trend pressure level is focused on 106,000, with continuous effective suppression. Although the MACD has continuously increased in volume, both DIF and DEA are still below the 0 axis. A short-term pullback does not indicate that the bulls have started. The Bollinger Bands are contracting, with the upper band pressure level at 106,650 and the lower band focused on 104,100. The original thought process remains unchanged; the focus is on short positions at high levels, and we will consider whether to go long when testing the bottom near 100,000.
Short-term reference: The market is never 100% certain, so always set stop losses; safety comes first. Small losses with large profits are the goal.
For northward testing, reference points are 102,500 to 102,000, with a defense at 101,500, stop loss of 500 points, and target looking at 103,500 to 104,500. If broken, look at 105,500.
For southward reference points, look at 106,000 to 106,500, with a defense at 107,000, stop loss of 500 points, and target looking at 105,000 to 104,000. If broken, look at 103,000.
Operations should be based on real-time market data. For more information, you can consult the author. There may be delays in article publication; suggestions are for reference only, and risks are borne by yourself. $BTC
