Preface: Investment involves risks, please proceed with caution.
Article review takes time, and there may be delays in publishing. The article is for reference only, welcome to read!
Time of writing: 15:21, June 11th, Beijing time
Market Information
Bitcoin fell due to the ETF breaking the 19-day uptrend and the severe inflation situation in the United States;
Australian parliament member: The digital asset industry can bring in $60 billion in revenue for the national economy;
Bitcoin spot ETF saw net outflows for the first time after 19 days of net inflows, with a cumulative net inflow of $15.621 billion;
Bitcoin and Buffett: The compound annual growth rate of BTC holders reached 104%, surpassing the "stable growth" investment portfolio;
"Fed's megaphone" Nick Timiraos: Observers expect a rate cut once or twice in September or December this year;
Market Review
After the last bullish trend, Bitcoin also broke through the short-term high of 71,979, with the highest rebound point at 91,997. It did not continue to test the previous high, providing an opportunity for profit-taking for our previously positioned short-term long positions. Subsequently, Bitcoin started to decline, first dropping to 68,420, then oscillating over the weekend, and experiencing a small rebound last night to 70,195. Due to the outflow of ETF funds and the impact of the Fed's inflation news, it started to decline. The current low point is at 67,325. Those who did not exit their long positions midway undoubtedly suffered a short-term harvest. The trend of Ethereum is a bit weak. The target for our previously positioned short-term long positions was around 3,915, with the highest rebound point reaching 3,887. However, there was still some profit in the long positions near 3,755. Later, Ethereum also started to decline, with the current low point at 3,505. There was not a very high rebound, but there are still opportunities for short-term long positions;
Market Analysis
BTC:
Looking at the 4-hour chart, although Bitcoin's decline was relatively fast, the current trend shows that there is some support below. The 200-day moving average on the 4-hour chart has provided some support. The 67,100 position in front is also a support level that has not been effectively broken through in multiple declines. The short-term support level for this decline is near 67,800. Currently, after the decline, the closing price is near this level. If Bitcoin closes around 67,800 at 4 o'clock, it will be a short-term bottom-fishing opportunity. As long as the 66,670 position below is not broken, there is a rebound opportunity. The target range for the short-term rebound is near 70,000. If it falls below, the decline will accelerate, and the next support level will be around 65,100. Manage your entry opportunities; short-term trading, manage your own risks and profits;
ETH:
Looking at the 4-hour chart, Ethereum's trend is relatively weak. The previous rebound had no strength, but the decline was not small. Ethereum has already tested the previous lower shadow position in this decline. There is support from the 200-day moving average below, and the low point of 3,498 also provides some support. The short-term support level for Ethereum is near 3,530. Setting up long positions around this level at 4 o'clock is feasible. If the 3,498 position is broken, there is no need to hold long positions, and the market will head towards 3,400-3,260. Manage your entry opportunities; short-term trading, manage your own risks and profits;
In summary:
Bitcoin and Ethereum have experienced a rapid short-term decline, but they have reached support levels, providing opportunities for short-term long positions;
The article is time-sensitive, be cautious, the above is only personal advice, for reference only!
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