6.16 Early Morning Analysis

From a technical analysis perspective, Bitcoin and Ethereum indeed show a significant tendency for pullback. On the daily chart, Bitcoin formed a cross star bearish candle with a long upper shadow, with significant resistance at 110,000. Additionally, the previous five consecutive bullish days have been engulfed by a large bearish candle, indicating that the bears are in control. The Bollinger Bands are flattening and touching the middle band, reflecting weak bullish momentum. At the same time, given that the interest rate cut policy will only take effect in July, there is an expectation to clean up the bullish leverage next week. If the key support level cannot be broken, there is a high possibility of a pullback to 100,000.

On the 4-hour chart, Bitcoin shows a pullback, with long upper shadow K-lines frequently appearing at high levels, indicating heavy selling pressure. The upward trend line has been broken, entering a consolidation phase, with bulls temporarily balanced. The subsequent trend depends on whether it can break through the current resistance range.

Suggestion

Bitcoin is expected to fluctuate around 106,000 - 105,800, aiming for a target near 103,000 - 102,500.

Ethereum is expected to fluctuate around 2,570 - 2,590, aiming for a target near 2,480 - 2,420.