6.12 A Million Dollar Morning Market Insights

Early this morning, the price of the cryptocurrency encountered resistance at the 63,200 level and gradually declined. Driven by changes in geopolitical situations, the market moved in tandem with the US stock market, experiencing a temporary rebound, with prices rising to the 64,000 range. As the US stock market closed, the market once again shifted into a correction and consolidation phase. Previously held short positions were slightly exited during the upward surge of the market. Flexibly adjusting trading strategies based on market trends and news is the key to achieving steady profits.

From the four-hour timeframe, the price repeatedly tested the middle band of the moving average, briefly closing higher, but overall it remains a weak rebound after a sharp decline and a sideways range. On smaller timeframes, the highs and lows are gradually moving downward, and the weak oscillation pattern has not changed, with bears still dominating. On the hourly chart, after a quick rise and fall, the price is now moving in alternating bullish and bearish candles, gradually retracing, with buying momentum continuing to weaken. Overall, the short-term trend is likely to continue downward, and it is recommended to establish short positions at rebound highs.

Mainstream coin trading references:
Bitcoin: Short at the 64,000 range upon rebound, with a target of 62,500 below;
Ethereum: Short opportunities around 1680-1690, with support at 1620 below.
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