Preface: Investment involves risks, please proceed with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, and your readership is welcome!
Time of writing: 13:50, June 17th, Beijing time
Market Information
Coinbase: The number of talents in the U.S. crypto industry has decreased by 14% in the past five years, and there is an urgent need for regulatory clarity.
President of the Minneapolis Fed: It is reasonable for Bank of America to predict a rate cut in December this year.
Co-founder of Tether: Wall Street's "greed" will drive the launch of more ETFs for other cryptocurrencies.
The total cumulative financing amount in the crypto industry has exceeded 100 billion U.S. dollars over the past decade.
Former Speaker of the House Paul Ryan calls on the U.S. to use stablecoins to counter China.
Market Review
On Friday, we made a market forecast, expecting a decline over the weekend. The weekend's fluctuations were also relatively small. As expected, Bitcoin's decline reached the target range, with the lowest point at 65066. The rebound before the decline also provided an opportunity to enter at 67250, with a profit of around 2000 points. Ethereum also provided an entry opportunity at 3525, with a low point at 3362, basically reaching the target point, with a profit of around 150 points. Congratulations to friends who took advantage of the short-term opportunities. After the decline, the market did not continue, and a small rebound is expected before further decline.
Market Analysis
BTC:
On the 4-hour chart, Bitcoin's decline reached the first target mentioned on Friday and did not continue to decline. It then experienced a small rebound. As mentioned before, the 67300 level was previously a key support level, but now that it has been broken, it has become a key resistance level. Bitcoin's trend low point continues to refresh, and the moving averages have formed a death cross. Multiple signs indicate that Bitcoin still needs to decline. There is a high probability that Bitcoin will test the 67300 level before starting to decline again. The trading strategy for Bitcoin remains to go short. The recommended entry point is near 67200, with an initial target of 65100. If it breaks below this level, the next target is around 64300. Exercise caution and manage risks for short-term trading.
ETH:
On the 4-hour chart, Ethereum's rebound strength is relatively stronger compared to Bitcoin. It has both broken through the 200-day moving average, but after the 12 o'clock line change, it returned below the average. Additionally, the moving averages have formed a death cross, indicating that the upper resistance level of 3605 is still effective. Ethereum's low point continues to refresh, and there are no signs of a rebound like Bitcoin. The chance of an independent rebound for Ethereum is relatively small. It is expected that Ethereum will continue to decline. The recommended entry point is near 3605, with an expected decline to 3440-3380. If the weekend's low point of 3362 is broken, it may go down to 3240. Exercise caution and manage risks for short-term trading.
In summary:
Both Bitcoin and Ethereum are bearish, and there are opportunities for short positions after a small rebound.
The article is time-sensitive. Please be aware of the risks. The above is for reference only and represents personal opinions.
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The most attractive aspect of a city is not a place, but the people you want to see. Similarly, the most attractive aspect of a market is not a place, but the money you want to earn.
A person's sense of boundaries is knowing what can be done, what cannot be done, knowing what one does not know, and knowing what one knows. This is the boundary. Not knowing what one knows and not knowing what one does not know will result in a fuzzy sense of boundaries, leading to an overestimation or underestimation of oneself, without an accurate self-assessment. With boundaries, try to do things that you can easily understand and solve, just like trading. If you can't understand it at a glance and it doesn't fit the trading system, the longer you study it, the more unclear it becomes.
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