6.26 Li Jingyue's Early Morning Bitcoin Thoughts

Overnight, macro bearish expectations continued to permeate the market. Bitcoin started a massive short-side sell-off from early yesterday morning, with a unilateral decline of nearly 5,000 points. The price dropped to 58,030, refreshing the short-term low. The establishment of the bearish main trend is a done deal. Buying the dip at this time is equivalent to actively taking on selling pressure and is worthless.
Jingyue breaks down the market from the 1-hour cycle. At present, the overall structure is still showing a stepwise downward pattern. Short-term moving averages form a persistent pressure zone, and the MACD indicator's green bars continue to expand. The volume structure shows a pattern of increasing on declines and shrinking on rallies. Every rebound is a technical repair within a downtrend, with no signs of a bottom reversal structure.
The early morning rebound's strong resistance range is locked at 60,800-61,200. This position was previously a key support platform broken during a massive sell-off. After support failed, it completed a long-short conversion and is the core short-entry range for the day. When the price reaches the 60,800-61,200 range and shows signs of stagnation under pressure, you can enter short positions. The first target is 58,500, and if it breaks, look toward 56,000!
Currently, the long-side buying volume continues to weaken, and the rebound under pressure is very clear. Don't harbor illusions of a reversal. Following the larger-cycle bearish trend is the only way to fully capture the profits from this wave of decline. #BTC下探60000美元关键关口 $BTC