Follow and stay tuned for potential profits in the millions. Hello everyone, I am analyst Gu Jingci. I share my views here, hoping that every friend following along can achieve solid returns!
Bitcoin/Ethereum saw rapid price drops during the early morning and session open, breaking recent lows at the 79,000 and 2,280 levels, reaching as low as around 76,400 and 2,170. The overall trend remains weak. The market has seen a slight rebound, but the strength of the rebound is not significant. In the following sessions, focus on the resistance at around 79,700 and 2,295; if the resistance holds, there is potential for another move up before a further drop. On the 4-hour chart, multiple large bearish candles with high volume have confirmed a short-term downtrend, showing strong bearish momentum. While short-term downward momentum has slowed slightly, the overall market remains weak.
On technical indicators, both DIF and DEA are operating below the zero axis. DIF is above DEA, but the MACD histogram has shrunk compared to the previous week, indicating weakening bullish rebound momentum and a possible continuation of the bearish trend. Both the weekly and monthly charts remain bearish, so the focus over the next few days should be on whether price action recovers and how resistance at the highs holds up.
Trading suggestion: Consider shorting Bitcoin in the 78,700 to 79,200 range, with a target near 77,500; and short Ethereum in the 2,260 to 2,280 range, with a target near 2,210.
