The escalation of the U.S.-Iran situation—will the House’s move to halt it be able to turn the tide? 6.3 BTC and ETH “auntie” perspective

On June 4, the U.S. House of Representatives, controlled by Republicans, voted to stop the U.S. from waging war against Iran. On this unpopular foreign conflict that is increasingly bringing an ever-heavier economic burden to the American public, the House and the “yellow-haired” wing split ways. The resolution passed 215 to 208, and the voting results show that four Republican lawmakers broke party lines and voted in favor together with all Democratic lawmakers. This indicates that concern about this war is beginning to spread within the party to which the “yellow-haired” belongs. The resolution calls for “Dōngwáng” to withdraw U.S. troops from hostile actions against Iran unless Congress votes to formally declare war, or authorizes the use of force against this Middle Eastern country. However, the resolution cannot compel the “yellow-haired” to completely end the conflict; rather, it is more symbolic, because the bill still needs to be passed by the Republican-controlled Senate, and the “yellow-haired” can also veto it during the bill-signing stage.

The bear is coming—BTC and ETH have both fallen below the price levels before the “yellow-haired” took office. Currently, the main reason for the technical oversold condition is the impact of the U.S.-Iran situation, along with the fact that the U.S. stock market is too strong in absorbing funds. This time, the magnitude of the deep drop is too large. After that, favorable news may emerge, which could help stop the selloff. Once the downtrend stabilizes, you can try setting up for medium- to long-term positioning! The intraday rebound and short-selling plan remains unchanged!

6.4 Short-selling ideas

For BTC: On a rebound, short one position at 6600-66500. For more conservative traders, enter at 67000-67500. Place defense around 68000. Targets are 65000-64500-64000. If it breaks through, watch for 63500-63000-62500-61000, and continue to move the stop-loss and take profit based on conditions!

For ETH: On a rebound, short one position at 1840-1870. For more conservative traders, enter at 1900. Place defense around 1950. Targets are 1800-1750. If it breaks through, watch for 1720-1700. Continue to move the stop-loss and take profit based on conditions!

6.4 Bottom-fishing ideas

For BTC: On a pullback, go long one position at 61000-61500. Place defense near 60,000. Targets are 63000-64000. If it breaks through, watch for 65000-66000. Continue to move the stop-loss and take profit based on conditions!

For ETH: On a pullback, go long one position at 1700-1730. Place defense near 1650. Targets are 1800-1830-1850. If it breaks through, watch for 1880-1900. Continue to move the stop-loss and take profit based on conditions!

Now it remains to be seen whether the House can restrain this madman. Although nothing good has been gained from this conflict—instead, a large amount of money has been lost—on Iran’s side the response has been strong, and the U.S. has to consider its own interests. If it continues to fight, it would be not worth the loss. Next, let’s see whether it will end and boost the bulls!