6.29 Early Morning Bitcoin Market Analysis

Last night, I reminded everyone to watch for a pullback in the subsequent Bitcoin market and to monitor developments between the US and Iran. Although this pullback dropped from around 60400 to near 58900, the space is not substantial, it was still uncomfortable for some people. Ethereum, on the other hand, pulled back from around 1590 to near 1550, a fluctuation of nearly 40 points. If floating profit is small, one may miss the main upward trend; if loss is small, one may hold on expecting a rebound. Seeing a rise can lead to impulsive chasing, while a decline can trigger panic. Most of these distorted operations are driven by internal emotions.

Looking at the current 4-hour level chart of Bitcoin, the lower shadows have been appearing frequently in recent closes, with the lowest reaching 58888 before quickly recovering. This indicates that after the bears broke through 59000, they encountered significant buying resistance, which is an initial signal of a stop to the decline. However, it remains below the 60000 mark, and the rebound strength has yet to be confirmed. Volume is moderately increasing, but it is still noticeable that there is some capital attempting to absorb in the lower shadow area. It is recommended to wait for the market to confirm the pressure at the 60000 level before taking a light short position, targeting around 58500. Ethereum follows the same pattern, with the upper resistance remaining at 1600 and the lower target temporarily around 1520. #南非VS加拿大 $BTC $ETH