Wednesday, June 10th Bitcoin and Ethereum Long-term Analysis: Low-level Consolidation Pattern, When Will the Rebound Window Arrive?

After a round of decline the previous night, the overall market sentiment fell into persistent gloom. In the early morning, the price rebounded to the 622 level but faced resistance and pulled back, then entered a downward trend. The lowest price has now touched around 610, and short-term market momentum for a meaningful rebound is almost nonexistent. Many investors are currently inclined to follow the trend and look bearish, but this round of decline has already shown signs of losing momentum. The downward trend cannot continue indefinitely, nor has it made new lows. At this stage, blindly chasing short positions is not a wise choice.

From the daily chart perspective, although the overall major trend remains weak, the market turning point is gradually emerging. After several days of consecutive bearish candles, the price stabilized at the 590 support level. After a period of consolidation, a bullish candlestick appeared, signaling a rebound. However, the upward momentum was insufficient, and the market shifted back into a bearish mode. Overall trading volume has not increased significantly, nor has it retraced all previous gains. This indicates that the bears no longer have enough strength to make new lows. At this moment, stubbornly shorting is likely to lead to losses.

Switching to the four-hour cycle, after the price tested the 590 support earlier, it directly rebounded by about 5000 points. Subsequently, it faced resistance at around 643 and pulled back. This round of decline did not test the critical 590 support again, which suggests that the downward momentum has already exhausted. On the surface, the decline appears fierce, but there may be signs of a trap to shake out longs. The trading strategy can be bearish, but do not chase short positions.

Going forward, focus on two key support levels: the first at 605, the strong support at 590. If the price tests these two levels and does not break below effectively, it presents a good opportunity for low-cost accumulation. The initial rebound target is in the 640-680 range, with subsequent targets at 745 and 820. Ethereum's movement is linked to Bitcoin; it can be positioned around 1500-1550, with upside targets at 2000, 2200, and 2400. $BTC $ETH $SOL