6.18 Market Update: Don't Get Too Excited About BTC/ETH Rebounds, Shorting is Still the Main Theme
Yesterday's market was quite a rollercoaster, with Bitcoin dropping from 107700 all the way down, barely stopping the decline at 103300, and now hovering around 105000 in a sluggish manner.
It's suggested not to focus on the rebound; the hourly chart is being firmly pressed down by the middle Bollinger band, and there’s further resistance from the 4-hour and daily middle bands. Bulls shouldn’t rush to pop champagne; this wave of corrections is far from over, and those holding long positions should take the opportunity to exit during the rebound.
Above Bitcoin, 105000-107000 is all short territory.
For Ethereum, the pressure zone is 2540-2620; close your eyes and short it.
Remember, rebounds after a crash are always a chance to escape; don’t foolishly try to catch falling knives!
The market is in such a state now, the script is playing out faster than a melodrama. A divine intervention is about to be laid out.
