Friday, June 12 Morning Bitcoin and Ethereum Market Analysis and Trading Suggestions

Early this morning, influenced by news, the market rapidly surged, breaking the previous correction rhythm. Bitcoin's highest touched the 63,915 level, breaking through the recent consolidation platform. Ethereum also surged to around 1,696, then slightly pulled back. Currently, it has slightly retreated; overall, although the rally was fierce, its sustainability is questionable. There is obvious selling pressure above, and the candlestick closed with an upper shadow, indicating high risk in chasing the top.
The surge in the early hours was too fast; by the time I had a chance to enter, it was already over. Yesterday, the main strategy was to position for a rebound high, with short-term longs at low levels, gaining 2,186 points in Bitcoin and 95 points in Ethereum throughout the day, capturing both longs and shorts, with a comfortable rhythm.

From the current market perspective, after the surge driven by news in the early hours, the price is getting closer to the resistance levels above. Although strong, technical indicators show overbought conditions, and all timeframes indicate a need to pull back. The four-hour chart remains within a large downward channel, with the overall bearish trend unchanged. The Bollinger Bands are narrowing downward, and the short-term rally is approaching resistance levels near Bitcoin 63,800 and Ethereum 1,680, with upper shadows indicating a slowdown in upward momentum. If it cannot break through and stabilize above key resistance points, subsequent pressure will likely lead to a decline.
On the hourly chart, the price is currently near the upper band, with obvious resistance there. The candlestick pattern shows a rapid rise followed by a long upper shadow, then consecutive small bearish candles, indicating that the bulls are unable to sustain high levels. The Bollinger Bands are widening and deviating significantly from the middle band, showing a strong need to revert. The current entry point risk-reward ratio is not high; it is more advisable to look for signs of stagnation or top signals during rebounds to short, and the overall approach remains focused on rebounds and high shorts.
Bitcoin: Range of 63,500-64,000, with a target lower at 62,500; if broken, target around 61,000.
Ethereum: Range of 1,685-1,715, with a target lower at 1,620; if broken, target around 1,570.
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