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

Bitcoin/Ethereum surged and then pulled back again in the early hours. Without breaking the high point, it started to decline. The daily line also reached the upper Bollinger Band and began to fall back. Once the pullback trend is confirmed, the next few trading days will start a downward trend.
The 4-hour chart shows that after a strong rally in the early hours of last night, a long bearish candle 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 a sharp decline, with long and short forces temporarily balanced.
On the 4-hour chart of technical indicators, 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 strength is increasing.
The sharp decline in the morning session was accompanied by relatively high trading volume, indicating heavy selling pressure.
The volume on the latest candlestick has contracted, consistent with the hesitant price action.
Operation suggestion: Short Bitcoin near 63500-63800, target around 61000-62000; Short Ethereum near 1785-1800, target around 1720.
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