June 10th [BTC Market Analysis]

A Brief Analysis of Bitcoin (BTC) Market

Bitcoin broke through the upper limit of the consolidation range at 106,000 USD during yesterday's consolidation within the oscillation range, and quickly rose above 110,000 USD in a short period of time, showing a strong performance. The current price has surpassed the previous oscillation range, and after a slight adjustment in the short term, the market is expected to continue to rise.

4-hour period technical analysis:
• Short-term resistance level:
The current main resistance levels are in the range of 111,500 USD and 113,800 USD. If this range is broken, BTC may continue to rise, extending the previous upward trend.
• Short-term support level:
The current short-term support levels are around $109,260 and $107,668. If the price retraces to this area and finds support, a rebound may occur.
• Market Structure:
Currently, Bitcoin is forming a double top pattern in the 4-hour timeframe, approaching a technical adjustment zone. The double top pattern may indicate short-term consolidation, but considering the current strong market backdrop, the extent of the adjustment may be relatively limited.

Overall trend:

From the perspective of large, medium, and small timeframes, Bitcoin is still in a strong bullish trend. The trend indicators on the daily and lower timeframes (such as MACD, moving averages, etc.) are showing resonant bullish signals, supporting the possibility of continued upward movement in the future. Therefore, the current pullback is still a technical correction within a strong trend, and after the adjustment, it still possesses the momentum to continue rising.

Trading Strategy Recommendations:
• Range trading: You can look for long opportunities near support levels (such as $109,260 and $107,668), with stop-loss set below the support area;
• Breakthrough Follow-up: If the price breaks through the resistance levels of 111,500 USD or 113,800 USD, it is recommended to follow the trend and go long, aiming for a higher price range;
• Be cautious during adjustments: If the price does not effectively break below the support level during the short-term adjustment process, it is still possible to be bullish, avoiding missing rebound opportunities due to short-term fluctuations.
Overall, the current pullback adjustment of Bitcoin under a strong bullish background has the potential to continue rising if it maintains above the support level.