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: 15:45, June 20th, Beijing time
Market Information
- President of Argentina: Currency will be freely competitive, using Bitcoin will not be a problem;
- Circle CEO: Stablecoins will account for about 10% of the currency in the next ten years;
- Circle CEO: More confident and optimistic about cryptocurrencies than ever before;
- Bernstein: Bitcoin and cryptocurrency-related stocks have matured and are available for institutional adoption;
- The total net outflow of the US Bitcoin spot ETF was $152 million yesterday, marking the 4th consecutive day of net outflow;
Market Review
As mentioned earlier, both Bitcoin and Ethereum are expected to continue to decline, and the decline has indeed occurred as expected. Currently, the decline has slowed down. The low point of Bitcoin's decline is at 64060, with a predicted point near 64300, which has been basically reached. The decline point for Ethereum is 3355, reaching the target near 3380. After breaking through 3362, it did not test the 3240 position, but short positions can still be profitable. Congratulations to friends who followed and profited again. Currently, the decline of Bitcoin and Ethereum has slowed down. Will they continue to decline or start a V-shaped rebound?
Market Analysis
BTC:
Looking at the 4-hour chart, the current decline of Bitcoin has reached 50% of the previous rebound, but the decline has not ended yet. Considering the situation in the market, the continuous outflow of the spot ETF is not a very good sign for the market. From a technical perspective, Bitcoin's low point continues to be refreshed, and the rebound has not broken through the short-term high point. After the rebound, the market still favors a larger decline. If it breaks through the 67300 level, it may indicate a breakthrough in the decline and the start of a rebound. There is still some pressure in the white market trading above, and it is recommended to establish a light position around 66100, and there is no need to hold if it breaks through 67300. The target is 64300. If the previous low point of 64030 is broken, it may reach around 62500. Manage your entry opportunities on your own; trade short-term, manage risks, and take care of profits and losses on your own;
ETH:
Looking at the 4-hour chart, Ethereum's upward momentum is slightly stronger. This wave of decline in Ethereum has also reached 50% of the previous upward movement, but it has not broken through twice and then rebounded. The pressure above Ethereum in the white market is near 3705, and there is a 200-day moving average above, which has provided some pressure in this area. The market has been oscillating at the bottom without rebounding, and then it experienced a decline. Ethereum needs a lot of strength to break through the 3705 pressure. After testing the pressure in the short term, it is likely to continue to decline. It is recommended to establish a position near 3700, and the target is 3540-3400. Then see if it can effectively break through 3400. If it does, it may go to around 3260. Manage your entry opportunities on your own; trade short-term, manage risks, and take care of profits and losses on your own;
In summary:
The short-term rebound of Bitcoin and Ethereum has not broken the downward trend, and the rebound is an opportunity to establish a position;
The article is time-sensitive, pay attention to risks, the above is only personal advice, for reference only!
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