Gu Jingci: Bitcoin and Ethereum Trading Strategies for September 5

Analyst Gu Jingci shared his insights on Bitcoin and Ethereum's trading strategies for September 5. According to him, both cryptocurrencies followed a short position strategy yesterday evening, with prices dropping to around $78,600 for Bitcoin and $2,430 for Ethereum.

The market has experienced some recovery and rebound, but the strength is not significant, and resistance above remains apparent. The 4-hour chart shows that after a large bearish candlestick last night, the market is now consolidating with small-bodied candlesticks and extremely low trading volumes, indicating that short-term downward momentum is fading.

The daily chart shows a bearish engulfing pattern, which suggests a possible short-term trend reversal. Technical indicators also show waning bullish momentum, with the DIF line edging down and nearing the DEA line. The MACD histogram continues to shrink, showing a risk of a bearish crossover.