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June 14 BTC/ETH Miken Strategy
The grand finale is approaching! News reports repeatedly mention that both the US and Iran will reach an agreement! There are still some variables at play; you can wait for the outcome before deploying, or you can preemptively position in one direction. Either way, there will be a result.
Pay close attention to recent news, considering the time difference, and keep an eye on the overnight market content.
BTC: The technical position is very clear now, whether it's resistance above or support below—just wait for the outcome to give a direction. Since the news promotes reconciliation, let's believe it for now. As mentioned in previous articles, if a major recovery is to happen, it might start with a sharp drop to shake out weak hands. Watch the market closely for this move. During sideways consolidation, entering and exiting are more flexible.
The three major resistance zones: having already broken above the first resistance, the near-term support is in the 62,888-64,100 range, with a larger space upward toward 65,400-66,700.
If support is broken, a quick shakeout to clear out weak hands may occur, focusing on the 60,800-61,700 support area.
Use the upper resistance as a defense in case of a high-altitude move; participate cautiously.
I've marked the chart clearly; focus on understanding the strategy in conjunction with the key level map.
ETH: Also watch whether ETH might have a similar move of an initial sharp drop followed by recovery. Currently, it’s consolidating in a range of 1,669-1,715.
News could cause a breakout directly upward, or it might fall short of expectations. Be prepared for both scenarios.
Use 1,715 as a near-term defense at high altitude.
If a sharp drop occurs to shake out weak hands, look for opportunities around 1,575-1,607, since the core support zone is between 1,533-1,575.
Since this is a shakeout move, avoid touching the core support to prevent panic selling. Usually, there will be an early rebound.
If the market dips into this zone, consider trying to catch the bounce.
For short-term longs near the current level, use 1,669 as a defense.
This position is significant throughout this recovery phase and has some reference value. (See the chart for details.)