June 16th $BTC Market Analysis: Rebound is not a reversal, the Bitcoin outlook is very clear!

Bitcoin was very close to the 68,000 daily resistance mentioned by the chief yesterday. During these rest days, it was repeatedly emphasized that if it doesn’t drop below 6.8K, don’t rush to open short positions. Now a consolidation is forming here, so the bullish and bearish strategies are very straightforward.

First, look at the 1-hour chart here, a pullback to the previously consolidated upper boundary of the range at 644-646, watch for support and a rebound. If it rebounds from here, it indicates a converging pattern along the red route in the chart, and watch how the trend line breaks. If it surges again, the 684-692 zone is also worth shorting.

So, the current bullish and bearish outlook is very clear: a pullback to 644-646, and at 64,000, watch for a rebound; avoid shorting at this level. If it breaks out of the red route and the trend line, and reaches higher levels at 684 or 692, then look for shorting opportunities!