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6.20 Saturday Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions
Friends, have a happy weekend! Since early morning, the market has continued to fluctuate at low levels, attempting to recover. After testing the resistance at 63,757 and facing rejection, it pulled back. Ethereum also experienced a rebound, reaching 1,717 before encountering resistance and falling back. The rebound reached a key resistance zone, forming a shooting star pattern, with selling pressure concentrated and released at the top. This upward move is merely a technical rebound after a sharp decline; the bulls lack sufficient momentum to push higher. Overall, the market remains dominated by bears.
Yesterday, I maintained a bearish outlook, accurately capturing the resistance and pullback trend. Bitcoin gained 1,243 points in a single day, and Ethereum gained 47 points. Although there was a rebound today, strong resistance above remains firm.
From the current market perspective, after a continuous sharp decline, there are slight signs of recovery. The rebound has already reached a strong resistance zone, and multiple attempts to break higher have failed. If it cannot break through effectively, the market will remain bearish. The short-term Bollinger Bands are narrowing and flattening, indicating sideways consolidation and recovery, with lows lifting but limited bullish candle height. Heavy selling pressure remains above, forming a shooting star at resistance. The longer-term trend still points downward; after a series of declines, a small bullish rebound appeared, but the body is small. Repeated attempts to break above resistance have failed, maintaining the bearish trend. Bitcoin at 63,700 and Ethereum at 1,715 are unable to stabilize above resistance, so the rebound cannot extend further.
In terms of trading strategy, focus on shorting at rebound highs. Weekend liquidity is low, so trade cautiously and set proper stop-losses.
Bitcoin: around 63,700, target 63,000 → 62,300
Ethereum: around 1,715, target 1,675 → 1,640
#我的Gate交易时刻 $BTC $ETH