6.18 - Morning Major 🍪

Yesterday, mid-to-long-term outlook was for KONG to follow the sudden head trend, with a defensive move at 690 to decisively enter the market and buy the rebound. There is no perfect strategy, only adaptive tactics. Last night, the bulls made a second top at 664, with clear resistance at around 660. The lower band of the Bollinger Bands showed a turning signal, so I chose to decisively close the long position and switch to KONG.

After a narrow range consolidation in the following hour, the intraday main downward wave began: the price sharply dropped from 660 to around 640, with a 2,000-point fluctuation in one hour, showcasing extreme "violent aesthetics." Liquidity suddenly dried up, and the bulls faced a series of liquidations.

The current market has entered a recovery and calm period. The 15-minute Bollinger Bands are rapidly converging, with the three lines flattening. The price is consolidating weakly below the middle band, forming a typical "time for space" structure. Although the MACD shows a golden cross, the momentum of the head move is extremely weak, and volume cannot be sustained, indicating that the rebound is driven only by short covering, not a trend reversal. The 640 level currently has technical support, but the overall bearish structure remains intact, with insufficient buying strength.

Trading suggestions:
Mid-to-long-term outlook for KONG: target 620-615
Short-term outlook for KONG: target 635, if broken, continue downward by 300 points, with a stop at 648 to hold the long position.

There will definitely be a period of oscillation and correction after a big move, waiting for the breakout opportunity.
$BTC