Gu Jingci Sees Opportunity for Short Positions in BTC/ETH

Gu Jingci, an analyst at Bitget, shared his latest market analysis and trading strategy for Bitcoin (BTC) and Ethereum (ETH) on August 30. He reminded followers to take short positions in these assets after their recent price rallies.

The market has since moved down from its highs of around 76,800 for BTC and 2,405 for ETH. However, the analyst notes that there has been some rebound activity, but it was weaker than expected.

On the technical side, Gu Jingci points out that both the DIF (Decay Moving Average) and DEA (Double Exponential Moving Average) lines are operating below the zero axis on the 4-hour chart, indicating a bearish short-term trend. However, he notes that the DIF line is starting to turn upwards, suggesting some weakening of bearish momentum.

The analyst recommends taking short positions in BTC near 78,200-78,600 with a target around 76,500 and in ETH near 2,460-2,480 with a target around 2,360-2,400. He also warns that there may be resistance at the levels of 78,500-79,000 for BTC and 2,470-2,480 for ETH.

Gu Jingci's analysis is based on technical indicators and should not be considered as investment advice. It is essential to do your own research and consider multiple sources before making any trading decisions.