6.30 Market Analysis
Opinion: Upward breakout is somewhat easier
Current Situation
1: Mainstream currencies like BTC ETH SOL LTC BNB LINK are all bullish on the four-hour cycle, and some have now risen above the daily life line (such as BTC SOL LTC LINK etc.)
2: BTC has pulled back from the position of 111959 on May 22 of this year, with a lowest point of 98115, a total pullback of 13844 points, with a pullback magnitude close to 38.2%; during the same period, ETH had a pullback magnitude of 50%; this level of pullback is consistent with the characteristics of oscillation washing.
3: This rebound is significantly different from the rebound around June 10; around the 10th, altcoins generally rebounded to the daily life line resistance and then started to decline, quickly forming a new bearish trend on the four-hour cycle; whereas now, more and more currencies have risen above the daily life line resistance, and the duration is continuing.
4: The USDT.D, which is the inverse indicator of BTC, confirmed a weekly bearish trend in the week of May 5, but after the trend was confirmed, there was a pullback, with the high point of the pullback on June 22 at 78.6%, which is close to the limit of the pullback, and last week a medium bearish candle appeared on the weekly chart; in this case, pulling back up to exceed the June 22 high point is relatively difficult; corresponding to BTC, in simple terms, the probability of pulling back to below 98000 in the short term is low.
5: As the leader of the market, BTC is currently above the life line on the four-hour, daily, and weekly charts, with no bearish signals appearing.
