June 10 Evening Market Analysis:
Let's review today's market: Bitcoin's daily line rose from a low of around 105250 yesterday to a high of around 110650, closing near 110250. In the afternoon, Bitcoin showed a sideways consolidation pattern, with prices fluctuating within a narrow range. After Ethereum dipped to the 2655 level, buying pressure pushed the price up, reaching a peak of around 2784. On the daily level, Bitcoin completed a classic 'double bottom' structure confirmation, bouncing back after hitting the strong support level of 100000 USD, with five consecutive days of positive closes, strongly rebounding to the key resistance zone of 112000 USD—this level serves as both a previous high resistance and the Fibonacci 61.8% retracement level. Whether it breaks through or not will determine if the market enters an acceleration phase. The lower level of 109000 USD acts as the center of contention between bulls and bears, and its gain or loss directly affects the continuation of bullish momentum.
On the 4-hour level, BTC has formed a 'top divergence' prototype, with prices encountering resistance at 110000 USD and undergoing a technical correction. The focus is currently on the effectiveness of the support zone between 108000-109000 USD; if it breaks below the neck line at 107000 USD, it may trigger a short-term trend reversal. ETH continues to oscillate within the 2600-2730 USD box, with a breakout above the 2700-2730 USD resistance confirming an upward trend, while a failure to break may lead to a retest of the lower boundary of the box.
Short position on Bitcoin near 109300-109800, target 108500-108000.
Short position on Ethereum near 2680-2710, target 2620-2580.
