Wave in the Coin Sea: June 6 Bitcoin (BTC) Market Analysis Reference:

Bitcoin has recently declined continuously, touching a low near 59100 around midnight before starting to recover. The 4-hour Bollinger Bands still maintain a downward channel, with the upper and lower bands gradually narrowing. The current price of 61000 is running between the lower and middle bands of the Bollinger Bands, and the medium to long-term moving averages are all pointing downwards, putting pressure on the price. After a deep drop, the MACD shows that the DIF has gradually upwardly crossed the DEA, forming a low-level golden cross, and the bearish volume bars are shrinking and turning positive, indicating repair signals; the KDJ has formed a golden cross at a low level but has not steadily moved upward, and the RSI indicator is still in a weak range. At this stage, the market situation is a technical rebound after a significant drop, not a trend reversal. Short-term critical resistance is at EMA7 and EMA15. Strong resistance is at the Bollinger middle band of 63200; stabilizing at this position will open up room for rebound. The core support below is at 59000; if support holds, the oscillation will continue.

The hourly chart shows that the Bollinger Bands are narrowing and flattening, with short-term moving averages converging. The short-term price is oscillating narrowly around 61000, continuously pressured by the EMA20. The MACD keeps the DIF above the DEA, and the histogram remains positive; short-term bullish momentum is still present, but the increase is slowing. The KDJ lines are in a neutral range, but the J line is turning downward, and the RSI is falling in sync. Although there is no clear overbought or oversold condition, there is a need for a short-term accumulation of retracement. In the short term, it is likely to maintain a repeated oscillation within the range of 59800-62000. Only a breakout with increased volume can continue the rebound. If the short-term falls and effectively breaks the support, it will retest the previous low. I hope everyone has prepared to manage risks in advance.

Wave in the Coin Sea: June 6 Bitcoin Short-term Reference:

Long Position: Buy in the range of 58500-59500, with a stop-loss of 500 points, targeting 60000-61000-62000,

Short Position: Sell in the range of 62500-61500, with a stop-loss of 500 points, targeting 61000-60000-59000,

【The above analysis and strategies are for reference only. Risks are to be borne by yourself. The article review and publication may have delays, the strategies may lack timeliness, do not operate blindly】

The content of this article is originally shared by 【Wave in the Coin Sea】, representing personal opinions only. The article may have delays in transmission, for reference only, do not operate blindly! Want to get more daily real-time signals? Then follow my public account. Here, you can engage in online technical learning as well as understand knowledge related to getting out of positions. I have many years of research experience in the market, focusing on the major trends in the cryptocurrency space. Mainly responsible for analyzing and guiding investment operations in BTC, ETH, SOL, BCH, and other coins. Welcome to study and research together.

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