June 26 Afternoon Bitcoin/Ethereum Market Analysis and Trading Ideas
Observing the morning market, Bitcoin has shown strong bullish momentum with a significant volume increase. After quickly stopping the decline at the 106700 level, it initiated a new round of rebound, refreshing the short-term high to the 108249 line, but the upward momentum has shown clear signs of slowing down. Ethereum also started to rise after probing down to the 2388 low the previous night, with bullish energy briefly releasing to reach the 2520 level in the morning session.
From the current technical analysis, despite the continuous upward movement in the early hours and the morning, the market has entered consolidation. Although it broke through the 108000 round number, it did not stabilize but quickly retreated. Currently, Bitcoin is oscillating within the narrow range of 107000 - 108000, and under the appearance of a tug-of-war between bulls and bears, the upward momentum has gradually exhausted. While it seems that the lower support level has not been broken for the time being, it is actually a trap set by the main force to lure more buyers. The daily chart shows three consecutive days of bullish closes, which seems to indicate strong bulls, but in fact, it is building momentum for a subsequent decline.
On the four-hour chart, the candlesticks alternate between bullish and bearish. The current oscillating market is a dying struggle after the upward momentum has weakened, and it is very likely to initiate a downward trend after a brief consolidation. In terms of operations, it is recommended to short on rallies, as the rebounds provide us with opportunities to enter short positions.
Bitcoin can be shorted at 108200, with the target focusing on the breakthrough situation of the key support level at 106800. Once it breaks below, it can be followed down to 104000.
Ethereum can be shorted in the range of 2500-2530, with the target at 2460.
