June 21st, Sunday Morning, Zhongling BTC/ETH Market Update
Weekend Bitcoin liquidity has noticeably decreased, with bulls slowly pushing the price back above 64,000. On the daily chart, Bollinger Bands are narrowing rapidly, and the MA5 and MA10 moving averages are flattening, indicating a significant reduction in price volatility. With the Federal Reserve maintaining interest rates unchanged, Bitcoin is entering a relatively stable short-term phase, but overall market sentiment remains somewhat weak.
On the hourly chart, after Bitcoin found support near 62,000, it formed an ascending wedge pattern. Bullish momentum is limited, and the MACD fast and slow lines are converging, showing signs of stagnation. Intraday, attention can be paid to resistance around 65,000, and trading should follow a range-bound approach.
Trading suggestions:
Short in the 64,500-65,000 range with a target of 62,500
Short in the 1,770-1,790 range with a target of 1,650
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