BTC, ETH on the brink of a critical point, a waterfall market may be imminent!
Let's talk about the recent market conditions for Bitcoin and Ethereum. BTC has been hovering at this price level for three days now, and the large bearish candle on June 17 is clearly a market barometer, indicating that the market direction feels off. From a technical analysis perspective, both the daily and weekly charts show a bearish trend. The previous surge was likely the main force offloading their positions, and the current small rebound at the support level feels more like a brief pause in the downtrend rather than a reversal signal. Once the support level is broken, the market will likely accelerate downwards.
Now let's look at Ethereum's support range of $2500 - $2450, which seems like a tough line to breach, and the rebound strength is clearly insufficient. Whether it breaks or holds this level has become critical. If it continues to move sideways, slowly raising the bottom, the downside potential will be compressed. However, whether the support in the $2400 - $2450 range can hold is something to keep a close eye on.
First, regarding BTC, in the short term, the small support level of $104 has not yet been effectively broken, so we should pay attention to the support situation in the $103 - $104 range, with strong support at $1016 - $1022. The resistance level is still in the $105 - $106 range. The current market is in a state of fluctuation, and the rebound strength is definitely limited.
Next, for ETH, the support level of $2450 - $2500 and the resistance level of $2560 - $2580 form a narrow fluctuation band, and recently the market has been rebounding upon hitting support and retreating upon hitting resistance, showing a clear pattern.
Next, I will continue to set up strategic orders. Rather than blindly trying to find the best entry and exit points and suffering losses, it’s better to follow along with those I trust.
