6.12 Thursday Evening Bitcoin/Ethereum Market Analysis
Today, the honey market continues to show a correction trend. From a weekly perspective, after a series of bullish closes, this week has formed a long-bodied doji candlestick pattern, indicating that the market momentum is temporarily stuck, and the direction of future trends needs further confirmation.
Switching to a daily perspective, reviewing the previous bull market, corrections often present as small bearish patterns; however, this time the market has shown a series of bearish patterns, and the depth of the second dip after the rebound is quite significant. Various signs indicate that the market has officially entered an adjustment phase. Although there has been some support leading to a rebound on the smaller timeframes, the strength of the rebound is weak, and the previously strong and slow upward pace has been broken.
The 4-hour chart more clearly displays the short-term downward trend: the candlestick bodies are relatively long with short lower shadows, intuitively reflecting that the sellers are dominant, and market selling pressure is significant. The Bollinger Bands continue to open downward, indicating that market volatility is increasing, and the downward momentum has yet to be fully released, with the selling pressure still strong in the short term.
In terms of technical indicators, the KDJ indicator has entered the oversold region, but the D value is currently hovering around 30, not yet reaching the bottom, which suggests a demand for short-term rebound repair in the market. However, to confirm a trend reversal, we still need to wait for the KDJ indicator to form a golden cross.
Based on the above analysis, the recommendation for tonight's operations is to adjust the Silk Road, looking for appropriate trading opportunities during market rebounds, while closely monitoring changes in technical indicators and market sentiment fluctuations.
Trading Recommendations:
Bitcoin: 106800-107000, watch near 108000
Ethereum: 2710-2720, watch near 2760
