Thursday, June 11 Morning Bitcoin and Ethereum Market Analysis and Trading Suggestions

Do not be fooled by the short-term hype in the market; the market has its own rhythm. The night before, driven by news, the price surged rapidly, with Bitcoin reaching a high of 62,840, and Ethereum rising to around 1,667; however, the rally was not sustained, and then it oscillated and declined, continuing the downward trend from early morning until now. Bitcoin's lowest retracement was around 61,068, and Ethereum's new low was around 1,602. Overall, after digesting the news, the market returned to its main rhythm, with obvious selling pressure above, and the bulls unable to hold the gains.
The early morning strategy already anticipated a pullback after the surge, with the entire network adopting a cautious approach. Zhi Lan and Pan Fen synchronized their positions for a pullback, with Bitcoin gaining 664 points of space, and Ethereum gaining 37 points of space. Congratulations to those who followed the rhythm and managed to secure profits again.

From the current Pan Fen perspective, the early morning decline not only wiped out last night’s gains but also pushed the market back into a weak structure. Currently, all cycle K-lines show a clear bearish arrangement, with each cycle indicating bearish dominance, and the rebound strength is weak. On the four-hour level, the large-scale bearish pattern remains intact. Bitcoin faces continuous resistance at 62,200, and Ethereum also faces heavy resistance at 1,645. The upward spike was just a pulse in the market; then it retreated, erasing most of the gains, without forming a reversal bottom structure. On the hourly level, the price is currently between the middle and lower bands, with the middle band acting as short-term resistance. The rebound to around 62,840 was met with resistance and then declined, forming small bearish candles consecutively. The bulls are unable to stabilize at high levels, and there are signs of moving toward the lower band. Overall, bears have regained control, and the market is likely to continue oscillating downward. Rebounds are opportunities for pullbacks.
Bitcoin: Range of 62,000-62,500, target lower around 60,500
Ethereum: Range of 1,630-1,645, target lower around 1,550
#Gate直通IPO认购SpaceX $BTC ‌$ETH ‌