Gu Jingci: 3.6 Bitcoin/Ethereum short positions continue to hold, rebound remains bearish

Since the market surged the night before yesterday, Bitcoin/Ethereum shorts have been maintained above 73,000 and 2,160, with multiple dips in the market. Last night, the shorts at 71,500 and 2,090 were also retracted to around 2,055 and 70,300, showing a decent overall range. Currently, the market has rebounded but with limited strength, and the short-term trend remains weakening. The previous rebound was mainly influenced by news factors rather than a reversal, and we still need to see the specific developments from tomorrow’s White House summit.

In terms of candlestick patterns, the recent 4-hour chart shows that after a significant decline, the latest candlestick has an upper shadow, indicating selling pressure above.

On the daily chart, the day before yesterday saw a large bullish candle with a long upper shadow, followed by yesterday’s large bearish candle with a long lower shadow, creating volatile swings of sharp rise and fall. This indicates serious market disagreement between bulls and bears, with an unclear short-term direction, but bulls still have resistance below.

From a technical perspective, the DIF line has crossed below the DEA line to form a death cross, and the MACD histogram has shifted from positive to negative and continues to expand, showing that short-term momentum has turned downward, indicating a bearish trend.

Trading suggestions: Continue short positions around 71,200 to 71,600 for Bitcoin, with targets around 69,000 to 70,000; for Ethereum, short around 2,085 to 2,100 with targets around 1,980 to 2,020.

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