Gu Jingci Sees Further Downside Potential in Bitcoin and Ethereum
Gu Jingci, an analyst at Bitget, shared his insights on Bitcoin and Ethereum trading strategies in a recent video. He emphasized that after the market surged and dropped to around $63,800 for Bitcoin and $1,870 for Ethereum, the overall range is clear. The rebound is weak, indicating a continuation of the downtrend with further downside potential.
The 4-hour candlestick chart shows that the market formed a short-term top around $19,300 and $65,300, and last night's large bearish candlestick with higher volume confirmed a short-term downtrend. Technical indicators on the 4-hour chart are also bearish, including a death cross between DIF and DEA.
Giving specific trading recommendations, Gu Jingci advises to continue entering short positions around $64,300 to $64,800 for Bitcoin, with a target of $62,000 to $63,000. For Ethereum, he recommends continuing short positions around $1,885 to $1,900, with a target of $1,800 to $1,830.