Highlights for June 13
Today's market Greed and Fear Index is 54, with the Greed Index down 7 points from yesterday, indicating that market sentiment remains predominantly neutral. The market has 247,000 people in positions over the past 24 hours, totaling 1.144 billion USD.
Yesterday, we discussed that the market news was aimed at driving prices up for selling. The CPI data released the day before yesterday and the PPI data released yesterday were both positive news for the cryptocurrency market. After the news was released, the market often sees an initial surge followed by a sharp drop the next morning. The recent large correction saw a total of 250,000 people liquidated, resulting in a direct loss of 1.14 billion USD overnight. Of course, today a reason was provided: there’s conflict in the Middle East, leading the market to seek safe havens, which gave an outlet for the panic.
This is how market institutions operate; even when they take risks, they must maintain a facade. On the surface, they present the news as a reason to tighten positions for safe havens, while in reality, they are concerned that future news may not hold significant value, hence the need for an explanation.
Price Analysis
Today, focus on BTC:
The upper resistance is around 105,200 to 106,200 as the first and second resistance levels.
The lower support is around 103,200 to 102,300 as the first and second support levels.
(The sharp drop in the early morning was due to liquidation and panic selling caused by foreign conflicts, with the market expected to stabilize after some time. A rebound may occur, and the weekend may also see some recovery. Tonight and through the weekend, focus on high short and low long strategies, and strictly manage stop-losses and take-profits, placing orders at the first and second resistance levels, with stop-losses set around 400 points below the second resistance.)
Today, focus on ETH:
Resistance levels are around 2,566 and 2,610 as the first and second resistance levels.
Support levels are around 2,465 to 2,410 as the first and second support levels.
(Just like BTC, the weekend trading for ETH should primarily involve low long or high short strategies. Place orders at the first and second resistance levels, with stop-losses set around 20 points below the second resistance.)
Summary: The weekend trading will likely see small upward fluctuations for market recovery, with a continuation of declines next week. The market will experience significant volatility, so ensure to manage stop-losses and take-profits effectively.
