6.16 Monday BTC/ETH Afternoon Market Analysis
After weekend fluctuations, the trends of Bitcoin and Ethereum are significantly correlated. Bitcoin experienced a slight decline in the early morning, rebounding after hitting a low of 104399, currently oscillating around 106600; Ethereum peaked at 2620 before facing resistance and retreating.
From a four-hour perspective, the Bollinger Bands are narrowing, with both bulls and bears in a stalemate. The price is under pressure at the middle band of the Bollinger Bands, with moving averages in a bearish arrangement. In the short term, if Bitcoin cannot effectively hold above 106700, bears will still dominate, and the subsequent rebound may be limited.
Bitcoin's range is 107000, with a target looking down at around 105500-105000.
Ethereum's range is 2620, with a target looking down at around 2510-2540.
