6.20 Morning Cryptocurrency Market: Bitcoin and Ethereum Fluctuate and Build Momentum, Focus on Short Positions and Long Positions
Bitcoin has been consolidating overnight, maintaining a narrow range of 105500-103800, showing strong momentum at high levels with limited retracement space. Short-term buildup may challenge previous highs, with long positions capturing over 1000 points at midnight. From a technical perspective, the daily chart is contesting the ascending trend line, while the four-hour chart is consolidating sideways, and the short-term direction is yet to be confirmed; the hourly chart encounters resistance at the middle Bollinger band, RSI is turning downwards, and MACD has not returned to the zero axis. In the morning, it is advised to short on rebounds.
Ethereum fluctuates upward around 2532-2485, with long positions profiting over 50 points at midnight. The four-hour chart shows three consecutive bullish candles but with long upper shadows, indicating ongoing selling pressure, and the middle Bollinger band is moving down, favoring the bears; the hourly chart fell back after three consecutive bullish candles, with operations similar to Bitcoin.
Strategy Reference:
$BTC : Short near 105300, target 103000; Long 104300-103800, target 106500.
$ETH : Short near 2550, target 2450; Long 2500-2480, target 2600.
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