Gu Jingci: Bitcoin/Ethereum continues to look for a rally and pullback in the early morning, mainly downward.

Since the early session, Bitcoin/Ethereum has been consolidating sideways after a sharp rise. It seems strong, but in reality, it’s just so-so. After the initial surge, the subsequent movement didn’t rise much and didn’t break through again. Multiple attempts to push higher without breaking indicate weakness. Moreover, this rally was mainly a result of US-Iran rhetoric, with no substantial positive or negative news. On the candlestick chart, the daily level shows several consecutive bullish candles, forming a strong upward trend. However, it’s approaching the previous high on the daily chart without breaking through, which may form a double top pattern.

On the 4-hour chart, after a rapid surge, the latest candlestick closed bearish with an upper shadow, indicating short-term upward momentum is weakening and a pullback may be imminent. Technical indicators show that on the 4-hour level, DIF and DEA are both above the zero line, with DIF above DEA, indicating a bullish trend. However, the MACD histogram is starting to shorten, suggesting the upward momentum is weakening.

Early morning trading suggestions: Short Bitcoin near 69,700 to 70,200, targeting 67,000 to 68,000; short Ethereum near 2,150 to 2,160, targeting 2,030 to 2,060.

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