June 17th Bitcoin and Ethereum Market Analysis
On the morning of June 17th, the overall bearish trend for BTC and ETH is clear. Prices are under pressure below the 20, 50, and 200-day moving averages, which are all lined up bearishly. The 66800-67000 range is a strong resistance zone, and any bounce is met with significant selling pressure, merely constituting a continuation of the downtrend. The MACD is in the bearish zone below the zero line, with the green bars slightly narrowing and no bullish crossover in sight, indicating that bulls lack reversal momentum. The current rebound is on dwindling volume, forming a bearish flag, and the likelihood of a drop after consolidation is high; RSI remains in the weak range of 33-38, leaving little room for a rebound.
Short Bitcoin at 66000-66500, targeting 64000 and 63000;
Short Ethereum at 1800-1830, targeting 1750 and 1700.
On the morning of June 17th, the overall bearish trend for BTC and ETH is clear. Prices are under pressure below the 20, 50, and 200-day moving averages, which are all lined up bearishly. The 66800-67000 range is a strong resistance zone, and any bounce is met with significant selling pressure, merely constituting a continuation of the downtrend. The MACD is in the bearish zone below the zero line, with the green bars slightly narrowing and no bullish crossover in sight, indicating that bulls lack reversal momentum. The current rebound is on dwindling volume, forming a bearish flag, and the likelihood of a drop after consolidation is high; RSI remains in the weak range of 33-38, leaving little room for a rebound.
Short Bitcoin at 66000-66500, targeting 64000 and 63000;
Short Ethereum at 1800-1830, targeting 1750 and 1700.