6.11 BTC surged to 110,000! What should be done next?

Looking back at BTC's data, although the price has broken above 108,000, the turnover rate has not significantly increased, and even the trading volume has not shown a noticeable rise. This aligns with what we mentioned earlier: the main factor driving the price increase is not an increase in purchasing power, but rather a decrease in selling investors. In fact, the inventory levels on exchanges observed today indicate that most investors still expect BTC to have a favorable future trend. The current support levels have not changed; the best support remains between 93,000 and 98,000 dollars. Even if the price of BTC continues to rise, it has not prompted this group of investors to exit. As long as these investors at this position do not take significant action, it is difficult for BTC's price to experience large-scale selling without negative news.

The 1-hour candlestick chart shows that the price is forming a top formation around 110,000, and the KDJ dead cross further confirms the possibility of a short-term pullback. Combined with the chip distribution data, the current price is approaching the maximum trading volume support level of 105,552. If this support is broken, the risk of dipping into the low volume area LVN increases. Although the trading volume has temporarily fallen by 21.82%, the EMA24 and EMA52 dual moving averages still show a bullish arrangement, indicating that the medium to long-term trend remains unchanged. It is suggested to pay attention to the gains and losses around 110,000, as well as the candlestick pattern changes near the support levels.

Operational Suggestions:

Short BTC at 109,500-110,000, with a target near 107,000-105,000. Defense at 110,666.

Short ETH at 2,750-2,790, with a target near 2,600-2,450. Defense at 2,830.