June 9 BTC/ETH Market Morning Report

In yesterday’s article, it was mentioned that you should consider taking a long position near 64,300–65,000 for Bitcoin, and taking a long position near 1,717–1,750 for Ethereum. This morning, after price touched these nearby areas, it started to move back down (pull back). At the current price around 62,400, from the chart below it can be clearly seen that the current price has reached the short-term upward trend line support. This is not a place to recklessly chase a short. Instead, for those who are planning to enter short positions, pay attention to reduce your position size. Ethereum’s trend is much weaker: the price has already fallen below the trend line—so then wait for a rebound to the resistance level above and keep shorting it.

From the current chart, resistance is around 64,000, 65,000, and 65,500. You can go short once at these levels. For support, watch around 62,500–61,100–59,000–53,000.

Ethereum’s trend is not much different. Pay attention to resistance around 1,700–1,750–1,815. Short positions can be taken at these levels. For support, watch around 1,620–1,585–1,500–14,444–1,120.

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