Gu Jingci Sees Volatility Ahead of CPI Data Release
Analyst Gu Jingci shared his views on Bitcoin and Ethereum's market trends in a recent update. He noted that multiple setups for short positions were made as prices climbed higher, but the market has since retraced to around $63,200 for Bitcoin and $1,850 for Ethereum.
The CPI data release scheduled for August 12 is expected to impact the market, with Gu Jingci predicting a spike followed by a pullback due to rising oil prices and ongoing conflicts between Iran and Israel.
Gu Jingci observed that the 4-hour chart shows short-term support in the early morning, but the strength of the rebound is weakening. The daily chart reveals a large bearish candle with high volume, followed by a weak rebound to repair the earlier decline.
Technical indicators suggest bearish momentum is weakening and there's a tendency for a golden cross to form, but buying strength is insufficient and the sustainability of the rebound is uncertain.