Gu Jingci: 6.12 Bitcoin/Ethereum Morning Market Analysis

Since touching bottom at 59,000 for Bitcoin and 1,500 for Ethereum, the market rebound has been weak, and these days it has remained in a narrow range of oscillation, which is also a sign of a weak sideways trend. After all, the previous decline was quite large, so a decent rebound and rally would normally occur, but it hasn't. On the daily chart, the current market has just ended the previous three consecutive daily bearish candles, so focus on whether it can stabilize later, but the short-term trend remains weak. From the daily candlestick pattern since June, a large volume long bearish candle has appeared, indicating an extremely bearish long-term trend, and the market is in a deep correction. Recently, daily candles often have upper shadows, indicating heavy selling pressure above, and bulls' rebound strength is weak.

The 4-hour chart shows a small-bodied bearish candle with long upper and lower shadows, closing below the opening price and below the previous candle's close, indicating fierce battle between bulls and bears, with the bears temporarily in control. On the technical indicators, the DIF line and DEA line are both below the zero axis; although the DIF line is above the DEA line, the MACD histogram has shortened compared to the previous period, showing that short-term upward momentum is weakening, with a risk of a pullback. The trend requires flexible response, with key resistance at the short-term high of 64,500 and the 1720 level.

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