6.16 Midday Thought Analysis

Today, the price of Bitcoin failed to effectively stabilize at the key level of 106,300, and the market pattern dominated by bears continues. The current price is caught in a range of fluctuations, and the key resistance and support levels have not yet been breached, intensifying the contest between bulls and bears. The market is awaiting clear signals to initiate a unilateral trend.

From the four-hour candlestick perspective, the price has fallen below the middle band of the Bollinger Bands. Although there was a slight rebound, the bullish strength is weak and unable to recover effectively, indicating heavy selling pressure above and a continuation of the downward trend in the short term. The Bollinger Bands are continuing to narrow, and the distance between the upper and lower bands has significantly decreased, suggesting a convergence in market volatility and an impending directional choice. The candlestick patterns frequently show long upper shadows, further confirming that the price encounters strong resistance near the middle band, with overall market sentiment leaning bearish and a clear sign of weakness in the short-term trend.

Operational Suggestions

Bitcoin: Short near 106,000, target around 104,500

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