Gu Jingci: BTC/ETH short positions on 7.13 fall as expected; they will keep dropping after midnight

Bitcoin/Ethereum have been continuously positioning short positions to push higher in recent days. ETH overall is on the stronger side, but it also provides room to add to longs. When the big coin drops, it’s quite smooth—taking the downside move directly. Under the current market, after probing lower there has been some rebound and upswing, but the strength is not strong. On the 4-hour chart, the candlestick pattern shows a massive bearish candle with a long upper wick, forming a clear top reversal pattern. After that, the price continues to fall, indicating heavy sell pressure in the short term. On the daily chart, it closed a massive bearish candle with a long upper wick and a long lower wick, confirming short-term top sell pressure. Bullish momentum is exhausted, and bears are in control.

On the 4-hour chart, the technical indicators show the DIF line has crossed below the DEA line to form a dead cross. The MACD histogram is negative and continues to expand, indicating that short-term momentum has already turned strongly bearish. In addition, the daily chart has only just started ending a multi-day uptrend—price has not stabilized yet, and there is further room for downside. What’s more, the morning rally on the daily chart to around 1,848 may be able to form a double-top structure; after midnight, simply keep adding to shorts and wait for the drop.

Trading suggestion: For Bitcoin, keep shorting around 62,800, add to shorts around 63,600, with a target near 61,200; for Ethereum, keep shorting around 1,785, add to shorts around 1,820, with a target near 1,720, uncle Sun 64,400 and 1,850.

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