Coin Circle Li Ying: 6.29 Bitcoin (BTC) and Ethereum (ETH) Latest Market Analysis

Bitcoin's current price is 59600. From the chart, it is currently in a sideways consolidation after a significant drop. It's like a person who is tired from running sitting on the roadside to rest; whether to continue running or get up and walk back depends on the upcoming signals. Currently, the price is suppressed by several moving averages, feeling a bit stuck, but fortunately, it hasn’t hit new lows, indicating there is some support below. The MACD indicator has not yet confirmed a golden cross, and the reversal signal is unconfirmed. The Bollinger Bands are flattening, currently at a critical point for change, with pressure above and support below, and volatility is compressing, about to choose a direction.

Short-term thinking reference:

Long at 58000-57000, stop loss at 56500, target 59000 aiming for 60500

Short at 61500-62000, stop loss at 62500, target 60500 aiming for 60000

Ethereum

Before publication, Ethereum's current price is 1571, now the market is neither moving up nor down. The previous sharp drop scared everyone, but fortunately, it hasn’t hit new lows in recent days, allowing for a breather. The current situation is that there is pressure above and support below, with the main forces quietly accumulating or preparing to continue dumping. Currently, ETH is in a clear correction period after a bearish arrangement. First, look at the moving average system showing a bearish arrangement, with the price being firmly suppressed below the short-term moving averages, indicating heavy selling pressure above and significant resistance to any rebound. The MACD shows a willingness for short-term rebound, while the Bollinger Bands are flattening, indicating a short-term demand for a rebound, but the overall trend remains bearish, and one must be cautious of a high followed by a drop.

Short-term point reference:

Long at 1540, defend at 1500, stop loss at 1450, target 1600 aiming for 1650

Short at 1650, defend at 1700, stop loss at 1750, target 1600 aiming for 1550

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