Crypto Market Analysis 6.10 Part 1

Successfully repaired the short-term bottom, ARB on-chain game funds appeared

The weekly line was repaired, the bottom's nearest support position was around 69,000, the overall long support position was around 68,500, and the short-term target continued to be 71,000. Ethereum's support is far away, the nearest support is 3,650, the maximum support position is around 3,550, and the short-term target is around 3,850.

Back to that sentence, the daily spot fluctuations are not because many people are doing spot trading, but because there is no money in the market, too much is driven by derivatives trading. If all derivatives of the current volume are liquidated, the price of Bitcoin will almost fall to around 55,000, but the possibility is not great. In the case of an effective market, longs and shorts will be balanced.

Then after the large liquidation of derivatives last week, the bottom appeared this week. In the case of more shorts, you can gamble on a charge of derivatives bulls again.

Please pay extra attention to the chain games on ARB. Arbitrum management approved an on-chain vote to allocate 225 million ARB (currently worth about US$225 million) to fund game development on Arbitrum. The initiative aims to make Arbitrum a leading blockchain in the gaming sector. A vote will be held in the future to elect a council to oversee the initiative.

Daily Level Market

- ​​The daily level is still a large-scale bullish trend, with a key position of around 68500-68000. After breaking and stabilizing, the bullish trend reverses, and the upper pressure position is around 70000.

4-hour level market

The 4-hour level is falling, with the bottom key support position around 68000. The recent support is around 69500 ​​and the key pressure 70000 and the upper 70800.

Intraday Level Analysis

-----The intraday level repair is successful, and two basic technical supports appear, two heavier supports around 69500 ​​and 68500. The upper pressure is around 70200. This week, you can play according to this support position before Wednesday night.

Now, the probability and profit-loss ratio of long positions are better than those of short positions. It is expected that there is a probability that it will return to around 71,000 before Wednesday or Thursday morning. After that, we have to wait for news to close most of the contracts. Whether it will be smooth sailing or bumpy depends on the impact of the news.

Personally, I predict that although some data are very good, they are all biased towards interest rate cuts, including Canada, which has begun to cut interest rates, but this is only the second quarter of this year.