BTC and ETH Consolidate Before Breakout: Analyst Warns of Large Price Swing
Gu Jingci, an analyst on Bitget, shared his views on the recent price action of Bitcoin and Ethereum. He noted that both assets have been consistently setting up short positions in recent days, with several dips near $79,000 for BTC and $2,475 for ETH.
The market is currently in a narrow consolidation phase, according to Gu Jingci, who warned that a large price swing can be expected after this phase. He pointed out that the daily charts show two previous strong bullish candles with huge volume, followed by high-level consolidation and long upper wicks, indicating heavy selling pressure above.
The latest 4-hour candlestick is a small bearish candle with significantly shrinking volume, indicating a lack of clear direction in the short term. Gu Jingci's technical indicators suggest that momentum to the upside is weakening, and a short-term retracement or downward trend might be beginning.