Market Analyst Discusses Hot Topics:
This wave of market movement has truly left people confused; are you as baffled as I am? Just yesterday noon, I was thinking about shorting, and by evening, I was directly slapped in the face by a breakthrough.
Right now, this position is stuck like a stubborn homeowner, with prices rushing into the high liquidation area that should theoretically trigger a wave of short squeezes, but it hasn't! It's just lying there, dangling and annoying you. If you want to short, you're afraid of a pullback; if you want to go long, you're afraid of a drop.
If during the day we could have a decent pullback, like accelerating to around 106K as a starting point, or a high-level consolidation, then wait for good news to come out, and it won't be a big deal to surge to 114k. To put it plainly, if the market provides an opportunity, it would be a chance to enter on a medium-term basis.
Additionally, I have to mention that last night I said we would clear out 108k and have a pullback, and that has indeed come, but it was just a symbolic jab, immediately retracting and pulling back up. No chance to catch your breath, it's too nasty!
Moreover, this wave of increase did not follow the conventional route; there was no consolidation, no intermediate stops, no warming up, just a direct pull of 5%, resembling the move at 101k.
The problem is that we have already touched the upper edge of the large range, and it is really hard to say how it will move from here. Upwards is liquidity enticing longs, downwards is the upper trapped positions suppressing; the market is swinging left and right, relying purely on emotion, making it very uncomfortable to trade.
So when you don't understand, the safest approach is to do nothing. Don't think that being idle is a mistake. In this current market, losing money is the norm; not losing is a blessing.
Don't be fooled by the fact that we are just 2000 points away from the previous high. Bitcoin has never done what you want it to do. The breakout may just be a touch, like the last time at 111980. It's unrealistic to expect it to directly soar to 120K, 130K, or even 150K in the short term unless U.S. stocks truly break new highs; otherwise, Bitcoin still needs to move sideways.
We also need to keep an eye on ETH, as it is close to reaching its previous high. If BTC and ETH can truly break through together, then the market will have something substantial. Don't forget, there is also the CPI on Wednesday evening, which is a barometer for interest rates; what needs to come will eventually come.
Market Analyst Observes Trends:
Resistance level reference:
Second resistance level: 111700
First resistance level: 110300
Support level reference:
Second support level: 108800
First support level: 107700
Today's suggestion:
A large bullish candle appeared during the day, accompanied by the RSI indicator entering the overbought zone. If the price starts to slowly pull back in the overbought zone while continually raising the low points and maintaining a sideways range, there is hope for a new wave of upward movement.
Today's resistance level reference is the previous high point. If it can break through and stabilize above 110.3K, the upper space will open up, and we can pay attention to the situation of retesting 111.7K.
The second resistance level is the previous high point area. If the price pulls back in this range and again raises the low points while moving sideways, a successful upward attack could justify holding positions at favorable prices. However, one must wait for a confirmation of the pullback after the rise and pay attention to the support levels being held.
The first support level is a crucial short-term defense line. A drop to 108.8K is a normal adjustment and is also key to maintaining short-term rebounds. If the second support at 107.7K is not broken, it indicates signs of bottom raising after the pullback, still providing a favorable entry opportunity.
6.10 Market Analyst's Bandwidth Planning:
Long entry reference: 107700-108800 range, enter in batches. Target: 110300-111700
Short entry reference: currently not applicable $BTC $ETH
