Bitcoin, Ethereum Prices Face Downward Momentum: Gu Jingci Analysis
Gu Jingci, an analyst at Bitget, shared his insights on Bitcoin and Ethereum's trading strategies for August 31. According to Gu, after a morning plunge, both assets rebounded slightly.
The daily chart shows that the moving average (MA) indicators for the 5-day and 10-day averages coincided and turned downward, indicating clear resistance.
Gu notes that the previous surge and pullback failed to break the high, with last night's second attempt at the top also suggesting a continued decline. On the 4-hour chart, after a rapid fall and partial recovery, small bullish candles appeared but trading volume significantly contracted, indicating a lack of rebound momentum.
Large bearish candles accompanied by volume on the daily downtrend indicate heavy selling pressure in the short term, with bears dominating the market.