There are many factors contributing to market instability, but timely adjustments on the Silk Road can help stop losses and turn them into profits! The morning session saw a significant drop, as the pressure at the 106500 level was severe, and the major cryptocurrency did not rebound as expected. Additionally, the stability of the international situation is being challenged (Middle East conflict, potential war with Iran), causing the major cryptocurrency to decline to around the 103000 level. After a brief rebound, it turned downward again. From the daily chart perspective, after a significant surge on June 9, the major cryptocurrency has seen two consecutive days of pullbacks, with yesterday closing with a large bearish candlestick, indicating that the overall trend has entered a state of weak oscillation.
In the 4-hour cycle, the price has gradually declined from the high of 110,392, showing a short-term downward trend. The candlestick chart frequently shows long upper shadows, indicating clear selling pressure above and weak rebounds. From a technical indicator perspective, the MACD in the 4-hour timeframe shows that the DIF and DEA are continuously diverging downwards, with the histogram being negative and expanding, indicating that bearish forces remain strong. The daily MACD has also formed a death cross, further enhancing the bearish signal.
Overall, the market is still in a bearish dominant phase, with short-term momentum maintaining a rhythm of weak rebounds and downward oscillation.
