Gu Jingci: 7.7 Bitcoin/Ethereum Operation Strategy with Market Analysis

Bitcoin/Ethereum once again surged and then fell back in the early morning, without breaking the high before starting to decline. The daily line has also reached the upper band of Bollinger Bands and begun to pull back. Once the pullback trend is confirmed, a downtrend will start in the coming trading days. The 4-hour chart shows that after a strong rally in the early hours of last night, a long bearish candlestick with an upper shadow appeared in the morning session, forming a bearish engulfing or dark cloud cover pattern, indicating strong short-term selling pressure. The most recent candlestick is a small bullish candle with a small body, showing hesitation in the market after the sharp decline, with a temporary balance between bulls and bears.

Technical indicators on the 4-hour chart show that the DIF line has crossed below the DEA line, forming a death cross. The MACD histogram is negative and its absolute value is increasing, indicating that short-term momentum has turned bearish and bearish power is strengthening. The sharp decline in the morning session was accompanied by relatively high trading volume, indicating heavy selling pressure. The volume of the latest candlestick has shrunk, consistent with the hesitant price action.

Trading suggestions: Short Bitcoin near 63500 to 63800, target near 61000 to 62000; Short Ethereum near 1785 to 1800, target near 1720.
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