Bitcoin and Ethereum Downtrend Continues: Analyst Gu Jingci
Bitcoin and Ethereum saw a slight rebound after an early morning plunge on August 31. However, analysts believe that this trend will continue downwards.
According to Gu Jingci, the MA indicators for the 5-day and 10-day averages have turned downward on the daily chart, indicating clear resistance. Additionally, previous attempts to break through highs have failed, suggesting a continued decline in the market.
The 4-hour chart shows small bullish candles after a rapid fall and partial recovery, but trading volume has significantly contracted, indicating a lack of rebound momentum. Large bearish candles accompanied by volume during the daily downtrend indicate heavy selling pressure in the short term, with bears dominating the market.
Technical indicators on the 4-hour chart show a strong short-term bearish trend with downward momentum rising. The DIF line has crossed below the DEA line, both operating below the zero axis, and the MACD histogram is negative and continues to expand.