6.11 Early Morning Bitcoin and Ethereum Market Analysis

Wednesday night, Bitcoin's decision-making was flawed, with the 61,977 level not stopping the fall, leaving over 600 points of space. The surge in volume to break through exceeded expectations, while the rebound fluctuation of Ethereum remained within the anticipated 1660-1670 range. But since it was a mistake in decision-making, we have to admit it. Looking back, the entry point at that time could have been higher, and setting the stop-loss further away might have still allowed for a profit. Of course, such hindsight is meaningless and doesn't help with review. Moving forward, we need to be more decisive in our decisions, and we should be cautious when volume breaks through support levels.

Although this rebound broke through the resistance zone of 62,000-62,500, it did not open the door to 63,000. Plus, with volume decreasing and momentum weakening, it’s unlikely to push higher and break through 63,000 in the short term. Bitcoin is likely to weaken and retrace in the early morning. Of course, once the volume of Ethereum's momentum subsides, Bitcoin may drop below 61,000 or even head straight for the 60,000 level. Ethereum will likely follow Bitcoin down, breaking below 1,600. For early morning trading, it’s recommended to focus on short-term support levels and observe the strength of the retracement before making decisions. To prevent volume from increasing again, it’s important to maintain a good defensive position. $BTC #我的Gate交易时刻 $ETH