The market is volatile and needs to make cautious decisions to wait for the right opportunity

Overnight, the three major US stock indexes closed higher and the global futures market is experiencing a long squeeze, reflecting the cautious sentiment in the global stock market. Investors are focusing on changes in risk sentiment that may arise from the possibility of a rate hike by the Bank of Japan, leading to a more than 3% drop in the price of Bitcoin in the past 24 hours.

Bitcoin showed a bearish trend yesterday, hitting a low of around 63,000, with the short-term market in a weak retracement. The intraday drop was nearly 3,000 points and the price is operating in the lower Bollinger Band area on the hourly chart, with no signs of recovery, indicating a weak trend.

Over time, the upper resistance level is gradually moving down. If the short-term cannot break through the 64,200-64,500 range, there may be a possibility of price support retracement. From recent trends, the previous wave of capital profit-taking and mixed factors in the external market have led to significant internal disagreements in the crypto space.

Ethereum technical analysis refers to Bitcoin, with key support levels focused on the 2,550 line. The short-term strategy is suitable for Bitcoin, focusing on the short-term resistance base of 2,650-2,680. The short-term bullish momentum is insufficient and a correction cycle is needed. Both the four-hour and smaller time frames show varying degrees of narrowing pattern signals, indicating the need for a correction in the short-term.

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