June 11 BTC/ETH Market Morning Report: How long is the horizontal, how high is the vertical!

Early in the morning, I forgot the password for the trading software, and just after setting up the morning report, it turned into a noon report. This week, starting from Monday, the market has been moving downward from high levels, which has been effectively validated. Bitcoin around 64,300, 62,500, 62,150 has been shorted, all reaching near 61,000; Ethereum around 1717, 1700, 1660 has also reached the 1600 level as expected. This area has been consolidating sideways for 3-4 days, probably about to break out. From a higher-level cycle perspective, it still belongs to a major bear market, and all rebounds to resistance levels are good opportunities for short positions.

The current MVRV Z-Score reads about 0.27, indicating that the market is still significantly undervalued and has some distance to go (<0 means market value is below total cost, severely undervalued, a historic bottom area). It is recommended to wait before bottom fishing; the reading suitable for attempting to buy the dip is in the -0.3 to -0.6 range (based on historical data observation).

The Fear and Greed Index has reached 13, in the extreme fear zone. It’s important to note that the market may rebound here. It is advised that recent short positions should not be too heavy, and to trade with light positions. Although we are in a bear market, based on the halving cycle pattern, there is an expectation of a bottom forming from June to December. The exact bottom location is currently uncertain. What we can do is operate cautiously amid many uncertainties, participate with light positions, and follow the overall trend by entering short positions at resistance levels, then use key support levels to try to enter spot positions in batches.

Bitcoin: The resistance levels are around 64,000–65,000 and near 66,000. To effectively break above 66,000, watch for a trend reversal. Support levels are around 61,000–59,300. The ultimate target is around 53,000–45,000 (for spot positioning).

Ethereum: Focus on 1715–1740–1755 and near 1820. A sustained move above 1820 indicates a potential trend reversal. Support levels are around 1610–1580–1500. The ultimate target ranges from 1450–1385 to about 1120–800 (for spot positioning).

Please note that the above views are solely my personal opinions. Everyone should carefully consider before making decisions. All entry and exit points have a deviation of about ±100 points for Bitcoin and ±5 points for Ethereum. We are currently at a critical time point, so please participate with light positions. When short positions reach the target, they should be closed in batches promptly! #我的Gate交易时刻 #美国5月CPI创三年新高 #广场预测世界杯赢40000U