Follow for further updates and reap great gains. Hello everyone, I am analyst Gu Jingci. I am here to share my insights and hope that everyone following can achieve good returns!
Bitcoin/Ethereum entered short positions again early yesterday at around 80,300 and 2,525. In the evening, the market reached around 78,600 and 2,460, showing the overall range. Currently, the market has rebounded to some degree, especially for Ethereum, which continues to fluctuate at high levels, while Bitcoin has already begun to weaken. The 4-hour chart shows a small bullish candle with an upper wick, indicating there is still some selling pressure above 2,530 and 79,800. The daily chart continues to fluctuate within a wide range, and during the previous surge and pullback, there were massive bearish candles, indicating strong resistance above.
On technical indicators, the DIF line is below the DEA line, but the DIF line is converging upward, and the MACD histogram’s negative value is shrinking, indicating that bearish momentum is weakening. There is a tendency to form a golden cross in the short term, which suggests a possible rebound. In addition, daily trading volumes have continued to expand recently, especially with huge volume during previous declines, indicating high market activity. However, the selling pressure above should not be ignored. The daily Bollinger Bands are starting to narrow, which also hints at a major move brewing.
Trading advice: Continue to short Bitcoin near 79,400 to 79,800, with a target of 77,000 to 78,000; continue to short Ethereum near 2,505 to 2,520, with a target of 2,400 to 2,440.
