6.11 Early and Mid-Day Thoughts
Bitcoin fell back after reaching a high of 110600, and yesterday hit a low of 108300. It then regained the 110000 mark in the early hours and has now entered a correction phase again. From a technical perspective, the key resistance is at the previous high; if this is effectively broken, the upward trend will continue. Conversely, if it breaks below the support at 108300, the intraday strategy should focus on short positions.
Observing the 1-hour candlestick chart, the price attempted to break through the upper Bollinger Band but fell back instead. It is currently running above the middle band, but the KDJ indicator shows a downward trend for all three lines, indicating a short-term bearish sentiment. It is expected that the market will maintain a consolidation pattern during the day, and a short strategy is recommended.
Trading Suggestions:
Open short positions in the range of 110000-110600, targeting around 106000
