Gu Jingci: Bitcoin/Ethereum Weekly Close Looms as Market Eyes Rebound

Bitcoin and Ethereum have been trending downwards, but analyst Gu Jingci is predicting a potential rebound. According to Jingci, the weekly close for Bitcoin/Ethereum on August 16 is approaching, with the market likely to continue its downward trajectory unless certain price levels are broken.

The current market volatility has made it difficult to determine a clear bullish or bearish trend, but Jingci believes that short trades will be the way to go. He suggests targeting Bitcoin prices around $61,000 and Ethereum around $1,830 if the resistance levels at $63,500 for Bitcoin and $1,900 for Ethereum are not effectively broken.

Jingci points out that the daily moving average indicators have reached critical resistance points and are clearly lagging. He advises traders to short at high resistance levels, but notes that if these moving averages are breached and stabilized again, it could indicate a shift in trend and continued market growth.