$ETH Evening Analysis: June 4th.
BTC is currently in a channel downtrend on the hourly chart, and within this channel, an M-top structure has formed. The neckline of the M-top was at 1767, which has now been breached. With the M-top confirmed and the structure damaged, if BTC can’t reclaim 1767, it will likely retest the previous low of 1712. If it finds support near this previous low and forms a double bottom pattern on the hourly chart, there’s a chance for a rebound. However, if it breaks down without lingering near the previous low, the next target for BTC’s decline would be 1660. BTC needs to break above 1767 to have a chance of stopping the drop and staging a rebound. Looking upwards, a solid hold above 1816 is necessary to target even higher levels. If it can’t even surpass 1767, there’s no point in looking up, as it won’t give you any bullish opportunities.
For BTC, consider shorting half a position at 1817 on the left side, and if it breaks down with volume below 1753, follow up with another short. Keep an eye on volume changes and manage your stop losses wisely.
If BTC holds above 1767 on the hourly chart, the targets are 1816-1861.
On the 4-hour chart, if it breaks below 1730, look down towards 1688-1658.
On the daily chart, support at 1823 has also been breached. If tomorrow’s daily close can’t reclaim above 1823, we’ll be looking at the daily level of 1646. Additionally, the area marked in white has seen three consecutive days of price and volume declines; the fourth day should continue in line with the previous three days' downtrend. That’s a wrap.
$ETH
#VOO首只突破万亿美元ETF
BTC is currently in a channel downtrend on the hourly chart, and within this channel, an M-top structure has formed. The neckline of the M-top was at 1767, which has now been breached. With the M-top confirmed and the structure damaged, if BTC can’t reclaim 1767, it will likely retest the previous low of 1712. If it finds support near this previous low and forms a double bottom pattern on the hourly chart, there’s a chance for a rebound. However, if it breaks down without lingering near the previous low, the next target for BTC’s decline would be 1660. BTC needs to break above 1767 to have a chance of stopping the drop and staging a rebound. Looking upwards, a solid hold above 1816 is necessary to target even higher levels. If it can’t even surpass 1767, there’s no point in looking up, as it won’t give you any bullish opportunities.
For BTC, consider shorting half a position at 1817 on the left side, and if it breaks down with volume below 1753, follow up with another short. Keep an eye on volume changes and manage your stop losses wisely.
If BTC holds above 1767 on the hourly chart, the targets are 1816-1861.
On the 4-hour chart, if it breaks below 1730, look down towards 1688-1658.
On the daily chart, support at 1823 has also been breached. If tomorrow’s daily close can’t reclaim above 1823, we’ll be looking at the daily level of 1646. Additionally, the area marked in white has seen three consecutive days of price and volume declines; the fourth day should continue in line with the previous three days' downtrend. That’s a wrap.
$ETH
#VOO首只突破万亿美元ETF