Morning Analysis on June 16

From a technical analysis perspective, Bitcoin and Ethereum are indeed showing a clear tendency to pull back. On the daily level, Bitcoin has formed a bearish candlestick with a long upper shadow, with significant resistance at 110,000. Additionally, the previous five consecutive bullish candles have been engulfed by a bearish candlestick, and the market is dominated by selling pressure, while the Bollinger Bands are flat and touching the middle line, reflecting a weakening upward momentum. Meanwhile, considering that the interest rate cut policy will not take effect until July, there is an expectation of unwinding leverage next week. If the key resistance level cannot be broken, there is a high possibility of a pullback to 100,000.

On the 4-hour chart, Bitcoin has encountered resistance, with frequent long upper shadow candlesticks appearing, indicating heavy selling pressure, and it has already broken below the upward trend line, entering a consolidation phase. The market is temporarily balanced, and the subsequent trend will depend on whether it can break through the current resistance range.

Bitcoin is currently consolidating around 106,000-105,500, with a target looking towards 103,500-102,500.

Ethereum is consolidating around 2560-2590, with a target of 2460-2420.