6.25 Li Jingyue BTC Morning Thoughts

Overnight macro bearish expectations continued to permeate the market. BTC began a volume-driven bearish sell-off since early yesterday, with a unilateral decline of nearly 5,000 points. The price dropped to 58,030, refreshing short-term lows. The bearish main trend is confirmed. At this point, buying the dip against the trend is equivalent to actively absorbing selling pressure and has no value.
Jingyue analyzes the chart from the 1-hour cycle. Currently, the overall structure is still a step-down pattern. Short-term moving averages form a continuous resistance band. The MACD indicator's green bars continue to increase in volume. The volume structure shows a characteristic of increasing on declines and shrinking on rises. Each rebound is a technical repair within the downtrend continuation, with no signs of a bottom reversal structure.
The strong resistance zone for the morning rebound is locked at 60,800-61,200. This area was a key support platform that broke down with volume, and after support failed, it completed a bull-bear reversal. It is the core short-selling layout zone for the day. When the price reaches the 60,800-61,200 range and stalls with pressure, you can enter short positions. The first target is 58,500, and if it breaks, look toward 56,000!
Currently, the buying volume continues to weaken, and the characteristics of rebound resistance are very clear. Do not harbor any illusion of a reversal. Operate in line with the longer-term bearish trend to fully capture the benefits of this wave of decline.
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