June 7th BTC/ETH Miken Strategy

Yesterday and today's two attempts at the dip have both achieved value, with Bitcoin's target reaching 62,880 and peaking at 62,929, the second target at 1,639 was reached, and another at 1,669 is more difficult and still requires time. The current news environment can only be considered an assist; the core factor is still the market's own chip structure, which will undergo a significant change to determine whether the latter part is driven by panic or a recovery. The recovery will also be divided into strong and weak recoveries, and this part will be discussed in subsequent posts.

BTC: After confirming the lowest point at 59,100 yesterday, the night session moved sideways around 60,800. Looking back at the 60,300 re-entry point given yesterday evening, it was perfect. The targets I provided are 61,700 - 62,388 - 62,880, all of which were reached today. If it moves higher later, it will look for extreme positions at 62,880 - 64,100 - 65,400. After the targets are achieved, it depends on the strength of the pullback confirmation. First, use the 60,300 - 60,800 entry points from yesterday as support, so just monitor the performance above this support during the night session. There’s still a chance to dip further for higher targets. For short positions, use the recent resistance as a defense. (See chart for details)

ETH: In the morning, a re-entry hint was given at 1,580, because the consolidation zone between 1,533 - 1,575 was broken, so it was a natural re-entry. The highest reached was 1,639, which still has good space value, with strong resistance at 1,669. During the night session, watch for confirmation around 1,575 - 1,605. The recommended defense is at 1,550; re-enter above this level, and at the extreme, defend at 1,533, re-entering above 1,533. For short positions, use 1,669 as a defense; re-enter below this level. The targets are just the support and resistance lines marked in the chart. The current market panic is holding up well; as long as there are no further negative news such as backdoors, bugs, vulnerabilities, or conflicts, it should be fine. (See chart for details)

Closing remarks: The weekend consolidation is acceptable, but don’t let your guard down. If there’s a deep secondary pullback with a short-term deep V-shape, the chip cleansing effect will be even better. Such opportunities are rare, so proceed according to the plan.