6.17 Zhiming Morning Analysis and Recommendations
Previously, the market was dominated by bulls, with both the daily and four-hour charts showing strong upward momentum. The daily chart has continuously risen to reclaim the retracement space, and the four-hour chart's candlesticks have broken through the upper Bollinger Band, entering a strong area. However, the market is not without challenges, as it has entered a new phase recently.
From the four-hour perspective, the market continues to maintain a structure of oscillating upward, with bullish forces remaining dominant. However, previous key resistance levels act like roadblocks, exerting strong pressure on the cryptocurrency prices, causing them to enter a reasonable correction and repair zone. This is a necessary step for the healthy operation of the market, helping to relieve profit-taking pressure and allowing bullish forces to accumulate again. After the brief spike, the market is likely to resume the oscillating upward trend. Nevertheless, short-term fundamental news, such as policy regulation and significant industry events, may have a strong impact, requiring close attention.
Four-hour support and trend: Despite the pressure, the oscillating upward structure remains solid, and the correction is a minor interlude in the upward process. After the correction, the market is expected to regain its upward momentum, and the bullish dominance remains unchanged. The hourly support is clear: on the hourly chart, the cryptocurrency price halted its decline near the mid-band, with significant support from the mid-band. Reversal signals from technical indicators, such as the MACD golden cross and KDJ upwards turning, will provide support for the cryptocurrency price, and the likelihood of a deep dive is low, providing an opportunity for low long positions.
Zhiming's Recommendations
Buy Bitcoin near 106000-106500, look for 107000-107500
Buy Ether near 2530-2510, look for 2570-2600
