Follow for more insights and potential high returns. Hello everyone, I'm analyst Gu Jingci. I'm here to share my perspectives, and I hope every friend following along can achieve good profits!
Bitcoin/Ethereum surged again last night to around 79,880 and 2,666 respectively, then reversed and fell all the way back down. Bitcoin completely erased all gains, and Ethereum dropped to as low as approximately 2,500. We positioned short twice yesterday, which basically broke even. After the surge, the market has pulled back. Last week's weekly close for Bitcoin was around 80,300 and for Ethereum around 2,513. Bitcoin is very likely to experience a further pullback after the rally, closing with a bearish candle and breaking last week's low around 76,200 to 75,800. Ethereum's overall trend remains stronger, but the weekly also closed with a long upper shadow. In the short term, keep an eye on resistance at 78,000 and the 2,550 to 2,560 range, which was also the previous intraday high. On the 4-hour chart, after Bitcoin's surge and pullback, it's been consolidating; this is a clear downtrend continuation pattern, so watch for further downside moves ahead.
Trading advice: Open shorts in Bitcoin around 77,500 to 78,000, target near 76,000; open shorts in Ethereum around 2,535 to 2,550, target near 2,430 to 2,470.
