Wednesday, June 10 — the latest long-term view from 🫓🫓: low-level range trading—when will it rebound?

After last night’s round of decline, market sentiment has started to look gloomy. In the early hours, the rebound at 622 met resistance and fell back; it then kept fluctuating and drifting lower. As of now, the lowest point has already reached the 610 area. In the short term, there is simply no sign of any rebound. At this time, many friends are likely still holding firmly to 🈳, but this kind of sell-off pressure currently has no follow-through. The downward move has not continued, and there are no new lows. So at this point, there’s no need to be stubborn and keep chasing 🈳.

First, look at the daily chart. Although the overall structure is weak, a turning point has already appeared. After several consecutive trading days closed with bearish (yin) candles, price ultimately found support at 590. Then, after an excessive sideways stretch, it followed with a real-bodied bullish candle that bounced back. However, because the rebound lacked strength, it turned back into consecutive bearish candles and moved lower again. Volume isn’t significant, and it also failed to reclaim the space of the previous upswing. Therefore, at this moment, the 🈳 head no longer has the energy to form fresh new lows—so if you keep blindly chasing 🈳 now, it will only backfire.

Next, look at the 4-hour chart. After the earlier drop to the 590 support, there was a counter-rebound to 5000 points. On a smaller scale, price faced resistance around the 643 area. In the short term, it’s once again showing weakness and moving lower. However, this time the decline was unable to retest the earlier support at 590, so this pullback is already running out of steam. It looks like the action is lively on the surface, but in reality the “🈳-bait” behavior is already evident. In the short term, don’t chase 🈳 after 🈳.

In the next stage, focus on two levels. First is support at 605, and second is support at 590. If price probes those levels again but cannot break through, then this will be an excellent opportunity to buy the dip. Upside targets are 640–680; further up are 745 and 820. As for Ethereum, it can be tracked simultaneously in the 1550–1500 area, with upside targets of 2000–2200–2400.

The above is only my personal opinion, for reference only!!!