June 17 Evening Market Analysis:
This morning in the cryptocurrency market, Bitcoin and Ethereum showed significant divergence in their movements. Bitcoin surged in the early session before quickly retreating, reaching a high of $108,865, and then swiftly dropping to around $106,079, briefly stabilizing and bouncing back near $106,500. However, in the afternoon market, Bitcoin's price plummeted like a waterfall, with strong bearish momentum, continuously retracing to a low near the critical level of $105,000. Ethereum, after experiencing a substantial correction in the early morning, rebounded strongly by nearly 100 points in the morning session. Although it mirrored Bitcoin's downward movement in the afternoon, the overall fluctuations were relatively mild, with a minimum drop to around $2,540.
From a technical analysis perspective, the 1-hour candlestick chart for Bitcoin shows the current price oscillating around $105,599. After a previous spike to $108,900, there was a significant pullback. The short-term moving averages are intertwined and flat, reflecting a standoff between bulls and bears, with the market direction remaining unclear in the short term, expected to maintain a fluctuating pattern. On the daily level, Bitcoin once again tested the support near $105,000 and has been consolidating sideways. The key resistance level above is at $107,000, with short-term support ranging from $105,000 to $104,000. Yesterday’s candlestick closed with a long upper shadow, and after a slight rebound at today’s opening, it retraced again. The Bollinger Bands continue to flatten, short-term moving averages are fluctuating around the middle band, the MACD fast and slow lines are trending downward with decreasing volume, and the KDJ indicator shows signs of turning. The VR indicator is consolidating around a value of 110. At the 4-hour level, Bitcoin's price broke the upper band and then sharply declined during the early hours, testing the 60-day moving average. The Bollinger Bands are in a tightening formation, and the short-term moving averages are trending upwards. After breaking the 0 axis, the MACD fast and slow lines show a turning trend, with decreasing volume. The KDJ indicator crosses downward, and the VR indicator is oscillating around a value of 100.
For Ethereum, the current price is oscillating around the $2,500 mark, with resistance concentrated between $2,600 and $2,650, and support at $2,550. The 4-hour level shows that Ethereum has effectively tested the $2,500 - $2,550 support range multiple times, and attention should be focused on the pressure range of $2,600 - $2,650 moving forward.
Current Bitcoin price: Buy around $105,800 - $106,300, target $107,000 - $108,000, stop-loss: $104,000;
Current Ethereum price: Buy around $2,550 - $2,570, target $2,620 - $2,660, stop-loss: $2,500
