6.17 Afternoon Pancake Trading Strategy
The road to success is not crowded, because there are not many who can persist until the end. When you want to give up, please tell yourself to hold on a little longer, because often this little bit of persistence brings you one step closer to your dreams.
In the morning, the escalation of geopolitical conflicts became a turning point for the market, with prices quickly falling back, dropping over three thousand points in just a few hours, putting pressure on the bulls. However, from an overall daily perspective, the closing price remains above the moving average system, and it has recorded three consecutive days of gains, with the K-line overall showing an upward trend. This indicates that the bullish strength has not completely faded and is still playing a role in the market. There is still the possibility of another attempt to break the resistance level in the $109,000 - $110,000 range, with both bulls and bears still in a stalemate.
From a technical perspective on the 4-hour chart, Bitcoin started to rise steadily in the morning yesterday, maintaining an upward trend for 24 hours, demonstrating the bulls' strength and continuous offensive capability. However, a solid bearish candlestick this morning broke the upward rhythm, causing fluctuations in market sentiment, and the bullish camp faced some impact. But shortly after, a quick rebound occurred, forming a bullish candlestick, indicating that the overall minor upward trend has not been completely destroyed, and the bulls still have a chance to retaliate and try to stabilize the market.
For intraday operations, it is necessary to closely monitor the strong resistance at the $109,000 - $110,000 level above. This range is a key area where the bulls previously failed to break through effectively, accumulating a large number of trapped positions, making it an important defensive line for the bears. If prices cannot effectively break through this level, the bullish strength may weaken, and the bears will have the opportunity to counterattack, likely leading to a price correction. It is advisable to appropriately reduce positions or set stop-loss orders near this level to guard against correction risks.
Below, pay close attention to the support at the $106,000 - $105,000 level. This support range is an important stopping point for recent price corrections and is a critical defensive line for the bulls. Once broken, it will disrupt the market's short-term balance and could trigger a new round of declines.
Afternoon Trading Suggestions
Buy at 106800-107200 Target 108500
