Last night, Bitcoin revisited 110,000, and it has currently retraced to 1,096. This position is not very favorable, and we need to be patient. The advice from Hongwei is to first look at the support and resistance levels.

Currently, the first resistance level is 110,000, which is a new high. The 4-hour candlestick is a flat-top candlestick, indicating that the bearish momentum has basically been exhausted.

On the downside, the first step for the bears is to retrace to 108, which was tested last night. After 1,082, it did not drop further. On one hand, the bears entered short at 105 and added to their short positions at 11. Around 1,1082 is a good breakeven point, so everyone still feels that it might rise.

However, setting aside the technical aspects, there are many uncertainties in the news. In Los Angeles, USA, there is a meeting scheduled for 8:30 PM tonight, so there are still many unpredictable factors today.

Currently, all the bullish news for the bulls has basically been released, and the only card left is the expected interest rate cut policy this month.

Therefore, Hongwei believes this is a relatively good shorting point. There is pressure at the top at 11, while the downside has a larger range with 108 and 107. So, by narrowing the scope, aiming for a 1,000-point bearish profit is still possible.

Hongwei's strategy analysis for June 11:

Short Bitcoin at 110,000, take profit at 109,000-108,000-107,500.

Short Ethereum at 2,840, take profit at 2,800-2,740.

In the financial world, the goddess of fate and the goddess of opportunity often appear quietly. The goddess of fate is elusive and unpredictable but favors those who are persistent and hardworking. When you burn the midnight oil studying and weighing an investment, you are extending an invitation to her. The goddess of opportunity, on the other hand, is fleeting, like undervalued assets or emerging trends that occasionally flash in the market.

Daily insights and personal opinions on mainstream coins.

I cannot control how the market moves, but I can provide relatively stable entry points through intraday indicators, which can reduce the risks involved in trading and increase the probability of profit. By laying out based on intraday pressure and support levels, the stability will be very high. Remember to strictly set stop-loss and take-profit levels. Everyone is welcome to share different opinions!

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