June 4 Bitcoin Afternoon Strategy: The focus keeps shifting downward; rebounds are blocked, so look to short

From the market structure, the trading center for Bitcoin has been steadily moving lower. Each prior minor rebound has been capped by key resistance levels above, leaving no choice but to pull back. At present, bearish sentiment firmly controls the market’s pace, and intraday price action is likely to continue in a relatively weak mode.

On the other hand, short-term rebounds are clearly lacking sufficient momentum and support. The current tight range consolidation is more likely to be a brief pause during a continuing downtrend. Without any sudden positive news to lift prices, it is expected that prices will further test lower, to verify the effectiveness of the key support level below.

Short Bitcoin around 64,500-65,200, targeting 63,000-61,000. If it breaks down further, continue to look for a move toward 60,000. Otherwise, if price holds near the lower support, look for a rebound there.

Short Ethereum around 1,810-1,850, targeting 1,760-1,700.$BTC