Morning strategy validated:

June 17th Morning Analysis:

Yesterday, the Bitcoin market experienced a strong rally, with prices continuously climbing. During today's morning session, Bitcoin reached a recent high of $108,900, but subsequently failed to maintain the strong upward momentum and quickly retreated, currently falling below the $108,000 mark. Ethereum's performance was similarly volatile, experiencing a prolonged period of fluctuation during the early hours before swiftly rising to a high of $2,680, only to quickly dip, with prices once falling below $2,600.

Bitcoin faced significant resistance around the $109,000 mark, leading to a notable correction. This is mainly due to substantial selling pressure above $108,500, along with a liquidity gap in that area. At the same time, the current geopolitical risk factors make the market prone to extreme volatility and sharp price movements. It is noteworthy that the latest developments regarding the situation in Iran have been a direct trigger for this price dip.

From the four-hour candlestick chart, Bitcoin still maintains a structure of oscillating upward. However, despite the bulls having dominated earlier, they have not effectively broken through key resistance levels. In this context, a correction in price is a reasonable phenomenon. It is expected that after this wave of short-term volatility ends, the market may regain its oscillating upward rhythm. However, investors need to closely monitor changes in short-term fundamental news, as these factors may significantly impact market trends.

From the perspective of the hourly chart's short cycle, although the Bollinger Bands maintain an upward opening, Bitcoin's price has significantly slowed its upward momentum after multiple unsuccessful attempts to test previous key resistance areas. Thus, while there is still some upward momentum in the short term, the overall trend remains highly uncertain until the key resistance level is effectively broken.

Bitcoin: Long around 107,000-106,500, target near 108,200-109,200
Ethereum: Long around 2,540-2,510, target near 2,585-2,600

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