6.20 Market Analysis

From the hourly candlestick chart, Bitcoin has experienced sideways fluctuations for several days before a surge, resembling a bullish counterattack, but in reality, it is a sudden pullback. The MACD shows a golden cross with increasing volume, and the KDJ is strengthening at a high level, but the price quickly rises close to the upper Bollinger Band, indicating clear short-term overbuying.

Since June 17, the rebound's bottom trading volume has been unstable; this surge may be a trap to attract late buyers. If the subsequent volume is insufficient, it is highly likely to peak and then retreat. The 106800 area is an important resistance level; if it struggles to break through here, it may fall again. Overall, this rebound lacks a reversal foundation; my view remains bearish, and the rebound may present a shorting opportunity, focusing on the pressure around 107000.

Trading Suggestions:

For Bitcoin, range between 106100-106700, target down to around 104600-105100.

For Ether, range between 2550-2580, target down to around 2480-2510.