June 18 Evening BTC Market Analysis & ETH Trading Recommendations

Affected by the escalation of geopolitical risks in the Middle East (Iran announces the blockade of the Strait of Hormuz), Bitcoin price quickly fell from the high point of 107,436, tested the support level of 103,300, and then rebounded slightly, showing that short-term bearish forces dominate.

On the daily level, Bitcoin price has broken below the 5-day moving average (about 106,500) and the 10-day moving average (about 105,000), with the short-term trend turning downward. The 20-day moving average (about 102,500) remains intact as a medium-term support level, but caution is needed regarding the further decline in price impacting the medium-term structure.

Average Directional Index (ADX): The ADX value has fallen from yesterday's 22 to 20, below the trend strength threshold of 25, indicating that the market trend strength is further weakening and the battle between bulls and bears is intensifying. If the ADX continues to be below 20, it may enter a sideways market.

Relative Strength Index (RSI): On the 4-hour chart, the RSI has dropped from yesterday's 48 to 42, approaching the oversold area (30), indicating that market sentiment has shifted from overheated to neutral and slightly bearish. If the price continues to fall, attention should be paid to whether the RSI drops below 30 to trigger a technical rebound.

Stochastic Oscillator (KDJ): The KDJ indicator fluctuates in the 40-50 range, with the J value falling from 52 to 48, indicating that market sentiment has shifted from overheated to neutral, and bearish momentum has strengthened.

Bitcoin: 106,000-105,500 short, target 104,800-103,400 Ether: 2550-2500 short, target 24600-2450