6.17 Monday Morning Thoughts

Last week, after two major news of the US CPI interest rate decision, the market's expectations for the Fed's September rate cut decreased, resulting in an overall downward trend in last week's market. The low point fell back to the 65,000 line and temporarily stopped falling!

From the daily line structure, the lower pin broke the MA60 moving average, and the shadow line just fell back to the 120-day moving average support. There was no big fluctuation over the weekend. The price is currently in the low range for oscillation adjustment.

At the four-hour level, the price fell in a step-by-step oscillation under the pressure of the Bollinger Band middle track. The decline was accompanied by a rebound, and basically every round of rebound was caused by the Bollinger Band closing. After touching the upper track pressure, the short stage began.

After a quick retracement to 65,000, the current rebound is adjusted at the 66,600 line. There are multiple back and forths. In addition to the high range oscillation of the daily price, it is currently in the bottom support area of ​​the range, which is also the Bollinger lower track support at the daily level! This week's trend will first look at the rebound! Only after breaking the support area can you consider chasing 🈳!

In terms of intraday short-term, the steps are not gradually rising at present. Instead, the four-hour level indicator turns downward in the overbought zone. There is a need for a short-term retracement, so it is bullish but not too aggressive! Be patient and wait for the retracement to be ready before going long!

It is recommended to go long at the 66,000 line when it retraces, first look at 67,500, and defend 65,000!

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