6.16 Morning Outlook Analysis for the “Big Cake”

The big cake is currently at 663, tightly tracking the Bollinger middle band at 663 with narrow fluctuations. The Bollinger Bands have shifted from expansion to contraction, indicating that short-term volatility is tightening.

Last night, it surged and hit the upper band at 672, then met resistance and pulled back. After retesting the middle band, it halted the decline and closed with a small bullish candle. The middle band has formed a key support for the short term, while 654 near the lower band is strong intraday support.

In the vicinity of the prior low at 654, buy orders have already been verified to absorb in that range. The consecutive bearish candles are digesting profit-taking from the higher levels. Overall, the structure of the upward trend remains intact. However, there is heavier sell pressure overhead at the previous high of 672. Without a volume-backed breakout, it is difficult for the bullish trend to continue. In the morning, it is highly likely to keep ranging between the middle band and the previous high.

Today’s overall approach is mainly range-trading. If it retraces to 660 and holds steady, you may take a light position for a short-term long trade, with a target of 673. #比特币反弹 $BTC $ETH