June 4th Morning Analysis:
Yesterday midnight, the market showed significant fluctuations, with Bitcoin's price starting a downward trend from the intraday high of $106,775, having fallen to a low of $105,200 by early this morning; Ethereum also faced pressure, retreating from a high of $2,659 to a low of $2,577. The price movements of both cryptocurrencies are highly correlated, demonstrating characteristics of a joint decline.
From a short-term technical perspective, Bitcoin's rebound momentum continues to be constrained, with strong resistance levels forming a significant cap above. Even if there is a brief rebound during the day, it is still difficult to break through the key resistance zone, indicating a clear weak pattern. Ethereum is similarly limited by high-level resistance, suggesting the possibility of further adjustments in the future.
In terms of technical indicators, the 4-hour K-line chart for Bitcoin shows a long upper shadow pattern, indicating heavy selling pressure near $106,770; the daily level has recorded three consecutive days with K-lines that have lower shadows, suggesting that a staging bottom support has formed around the $103,000 area. The MACD indicator shows that the fast and slow lines at the 4-hour level formed a golden cross below the zero axis, but the energy bars continue to shrink, reflecting insufficient bullish strength; the fast and slow lines at the daily level have continued a downward trend after forming a death cross at a high position, with bears dominating. Regarding the Relative Strength Index (RSI), the 4-hour RSI14 value oscillates around 50, while the 1-hour level hovers in the 52-60 range, indicating intense competition between bulls and bears in the market.
Currently, the Bitcoin price on the 4-hour chart is oscillating narrowly between EMA7 ($105,728) and EMA30 ($105,540), with the lower EMA120 ($105,284) forming a key short-term support. Overall, despite occasional rebounds in coin prices, they have entered a broad oscillation range; attention should be paid to breakthroughs of key support and resistance levels to determine market direction.
Big Cake: Buy around $105,000-$104,500, target $106,500-$107,000
Second Cake: Buy around $2,570-$2,550, target $2,630-$2,670
