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Market outlook on June 12


Today, the crypto market was analyzed in depth based on the overall market trends.

As the 618 Big Sale approaches, the altcoin market shows obvious weakness and the overall performance is sluggish. The mainstream currency market once again fell below the key support level of 65078 yesterday, extending to a new low of 64060. Its correction exceeded 12%, reaching a significant level. At the same time, currencies that were originally strong, such as Auntai, were also implicated and fell back to a new low of 3355.


Ethereum also experienced a correction from a high of 3883 to 3355, with a correction of 13.6%, which is similar to the correction of Bitcoin. However, the performance of the altcoin market was even worse, with many currencies plummeting by 20-40%, or even halving, which undoubtedly exacerbated the panic in the market.


Although the market is currently in an extremely pessimistic state, I personally believe that there are opportunities in crisis. The new lows of Bitcoin and Ethereum and the plunge in altcoins have actually cleared most of the leveraged longs in the market and created conditions for a rebound in the future.


In terms of technical analysis: Bitcoin is suppressed by the 66100 level at a high level, and the bottom of 64100 is not necessarily a signal to stop falling. The MACD indicator shows that the fast and slow lines continue to decline after crossing the zero axis. The overall daily line should maintain a rebound short-selling strategy. In the four-hour short-term, the price has entered the downward channel again, and the wash trend is obvious. In the short term, attention should be paid to the suppression strength of the 65800 line and the possible short-term breakthrough of the price on the one-hour line.


However, Jiuyu reminds investors that today's market may rebound and then fall again. Therefore, while paying attention to 66,000 in the short term, investors should remain vigilant and avoid being fooled by the false rebound.


Overall, although the current crypto market is in a downturn, it also has opportunities for rebound. While investors remain cautious, they should also pay attention to market changes and look for the right time to enter the market.



BTC\ETH support and resistance

Big cake support: 64100 Pressure: 66100


Auntie support: 3470 Pressure: 3630

We need to pay close attention to market trends and seize investment opportunities.
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