June 16 Morning Analysis
Yesterday, the market for Bitcoin fluctuated, peaking at 106,000 before coming under pressure and falling back to 104,800. It briefly rebounded to 105,800 and entered a consolidation phase, then tested a low of 104,400 in the early morning. The altcoin trend was similar to the main market, with 2,560 encountering resistance and dropping to 2,490, followed by a V-shaped reversal, currently stabilizing above 2,545, indicating that bulls still have the momentum to fight back.
From a technical perspective, the four-hour chart of Bitcoin shows a sideways movement at a low level, with the Bollinger Bands continuing to tighten, and K-line being suppressed by the middle track, with moving averages in a bearish arrangement. If the price cannot effectively break through the key level of 106,300, the bearish trend may continue. On the hourly level, the tightening of the Bollinger Bands is more apparent, market fluctuations are narrowing, trading volume is shrinking, and buying and selling sentiment is cautious. The current market is still in a stage of consolidation, waiting for a directional breakthrough.
Morning Suggestions
Bitcoin 105,800-106,000 range Looking down at 104,000
Altcoin 2,550-2,580 range Looking down at 2,480
