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Negotiations have hit a stalemate. The “yellow-haired guy” has been using both soft and hard tactics, but there’s nothing he can do—yet shorts still have meat to take! 6.11 Big Boy BTC and ETH Thoughts
The U.S. Central Command began launching additional self-defense strikes against multiple targets inside Iran at 5:15 PM Eastern Time today. This strike is in response to Iran’s baseless and ongoing aggressive actions. The Iranian side responded forcefully by closing the Strait of Hormuz, and this morning the Iranian Revolutionary Guard hit two vessels that attempted to illegally cross the Strait of Hormuz. Although the “yellow-haired guy” has repeatedly gone public saying it will end soon and is using both approaches, the results have been negligible. Iran simply refuses to compromise. Negotiations are already completely beyond saving! Yesterday’s rebound and short-selling idea can still profit!
Technically, Big Boy BTC and ETH’s setup again closed with a bearish candle. Yesterday’s CPI came in line with expectations, and the market reduced its rate-hike bets. But the U.S.-Iran situation has not eased, and the price rebound is just a flash in the pan—so during the day we still keep the rebound shorting plan unchanged! The price rebound is just lining us up to “board the train.”
## 6.11 Short-Position Ideas
For BTC, short the rebound at 62500-63000 (one lot). For more conservative traders, enter at 63500-64000. Defend around 64500. Targets: around 61500-61000. If it breaks through, look for 60500-60000-69500. If it continues breaking, keep moving the stop-loss; take-profit is case-by-case!
For ETH, short the rebound at 1650-1670. For more conservative traders, enter at 1700-1730. Defend around 1760. Targets: around 1600-1570. If it breaks through, look for 1750-1730-1700. If it continues breaking, keep moving the stop-loss; take-profit is case-by-case!
## 6.11 Long-Position Ideas:
For BTC, when it retraces to around 59000, try a long (one lot). Defend around 58500. Targets: around 60500-61000-61500. If it breaks through, look for 62000-62500-63000. If it continues breaking, keep moving the stop-loss; take-profit is case-by-case!
For ETH, when it retraces to around 1500, try a long (one lot). Defend around 1460. Targets: around 1580-1600. If it breaks through, look for 1630-1650. If it continues breaking, keep moving the stop-loss; take-profit is case-by-case!
The market move is too weak. The price will most likely break below the recent lows. But since we don’t know the final direction of the U.S.-Iran situation, logically they wouldn’t recklessly launch a destructive strike—so for now we shouldn’t be overly bearish. Try positioning around the lower levels temporarily; maybe funds will step in and push the market up!