Gu Jingci: 7.9 Bitcoin/Ethereum Evening Trading Strategy with Market Analysis

Bitcoin/Ethereum has remained range-bound with narrow fluctuations throughout the day. Big BTC overall has seen some upward pull, but it’s not obvious. This type of price action that follows a quick drop with a slight upside bias also gives many people the illusion that it’s bottoming out and may rally further. Our bearish outlook since 64,000 BTC and 1,800 ETH remains unchanged. Even though the daily chart shows some stabilization, the strength is still not enough; we remain in a downtrend. The 4-hour chart shows recent price range consolidation, with bullish and bearish forces locked in a stalemate. The latest candlestick is a small body with a relatively long lower wick, indicating some support below, but sell pressure still exists above.
On the daily chart, after touching the high, two consecutive high-volume bearish candles have appeared, indicating that the short-term downtrend is established. The current candle is a small-body doji/indecision pattern, accompanied by shrinking trading volume, suggesting that downside momentum has weakened and the market has entered consolidation. On technical indicators of the 4-hour chart, both DIF and DEA are operating below the zero line, and DIF is below DEA. The MACD histogram is negative, and the overall trend remains bearish. However, the MACD histogram has recently shown signs of convergence, suggesting that bearish momentum has eased somewhat and may imply a short-term rebound or the need for further consolidation. But from the two-day chart, it is still in a downtrend. Watch to see whether it can break above yesterday’s daily high line at 63,800 and 1,785 between around midnight and tomorrow morning by 8:00.
Evening trading suggestions: For Bitcoin, continue going short around 63,000 to 63,500, targeting around 61,500. For Ethereum, continue going short around 1,745 to 1,760, targeting around 1,670 to 1,700. If you need a stop level, 64,000 and 1,790 are sufficient.
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