On the morning of Tuesday, June 17, a technical analysis of the current market situation for Bitcoin shows that after a significant rise, the market has experienced a noticeable pullback, with the bears using strong bearish candlesticks to push the price below the upper Bollinger Band.
In terms of technical indicators, the KDJ three lines have turned downward to form a death cross and continue to decline, while the RSI indicator simultaneously shows a downward trend, indicating that the buying power is weakening in the short term, while selling pressure is accumulating. This large bearish candlestick with a full body not only engulfs part of the previous gains but also comes with a significant increase in trading volume, suggesting that the bears are in a state of accumulation.
Shortening the observation period to one hour, the market continues its downward trend, showing a series of bearish candlesticks. It is currently retracing to the middle band of the Bollinger Bands to seek support. If the middle band support is effectively broken, the price may further decline.
Based on the current technical analysis, it is recommended to maintain a cautious bearish outlook in the morning operations, and to pay attention to the potential short position around the 107,000 USD area, with the lower target price pointing to the 105,000 USD region.
Market participants should closely monitor the price performance at key support levels and adjust their strategies based on real-time market changes.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
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Web3Educator
· 6h ago
fascinating pattern observed - typical KDJ death cross, just like in my last seminar
Reply0
AltcoinMarathoner
· 6h ago
mile 20 vibes rn... just another dip to stack through while others panic
Reply0
BlockchainDecoder
· 6h ago
The bearish setup is really too typical.
Reply1
DeFiAlchemist
· 6h ago
the ancient charts reveal a bearish transmutation... 107k resistance holds the key
Reply1
PumpStrategist
· 7h ago
death cross + divergence This time the retail investors have absorbed the chips almost.
Reply1
GateUser-2fce706c
· 7h ago
The situation is set, shorting is the only way out. Brothers, seize the opportunity.
On the morning of Tuesday, June 17, a technical analysis of the current market situation for Bitcoin shows that after a significant rise, the market has experienced a noticeable pullback, with the bears using strong bearish candlesticks to push the price below the upper Bollinger Band.
In terms of technical indicators, the KDJ three lines have turned downward to form a death cross and continue to decline, while the RSI indicator simultaneously shows a downward trend, indicating that the buying power is weakening in the short term, while selling pressure is accumulating. This large bearish candlestick with a full body not only engulfs part of the previous gains but also comes with a significant increase in trading volume, suggesting that the bears are in a state of accumulation.
Shortening the observation period to one hour, the market continues its downward trend, showing a series of bearish candlesticks. It is currently retracing to the middle band of the Bollinger Bands to seek support. If the middle band support is effectively broken, the price may further decline.
Based on the current technical analysis, it is recommended to maintain a cautious bearish outlook in the morning operations, and to pay attention to the potential short position around the 107,000 USD area, with the lower target price pointing to the 105,000 USD region.
Market participants should closely monitor the price performance at key support levels and adjust their strategies based on real-time market changes.