6.29 Midday BTC/ETH Market Hai Bei's View

BTC and ETH peaked yesterday and then declined continuously. In the early morning, after hitting a new stage low, they experienced a short-term corrective rebound. The short-term rebound encountered resistance at the short-term moving average and pulled back. The oversold recovery momentum is limited, and the bearish trend on the larger cycle remains unchanged.

On the 1-hour cycle, after peaking, a complete bearish structure emerged. The highs of ETH at 1610.48 and BTC at 60921.9 simultaneously formed top resistance. ETH hit a low of 1546.40, and BTC touched 58859.2. The current market is undergoing a technical rebound and repair after a crash. During the rebound, volume is gradually shrinking, and the short-term moving average above forms strong resistance. Overall, it is in a range-bound bearish phase, with limited short-term rebound space. The rebound presents a window for bearish positioning.

ETH Key Range
Support: 1562, 1546; Resistance: 1576, 1590

BTC Key Range
Support: 59360, 58860; Resistance: 59720, 60000

ETH
1. Place short positions at resistance 1575-1590, stop loss above 1605; first downside target 1562, second target 1546
2. Only if price pulls back to the 1548-1555 range, take a light long position for oversold rebound, short-term quick in and out, do not hold long-term long positions

BTC
1. Place short positions at resistance 59700-60000, stop loss above 60300; first downside target 59360, second target 58860
2. If price pulls back to the 58880-59100 range, take a small short-term long position, stop loss 58600, first rebound target 59600, second target 59800

‼️The above content is only a technical chart analysis reference and does not constitute any investment advice. Virtual currency trading is volatile and extremely risky. Please manage your positions and trade cautiously. $BTC ‌