Gu Jingci Warns of Further Pullback for Bitcoin After September 12 Surge

Bitcoin and Ethereum experienced a surge to around $79,880 and $2,666 respectively on September 12, only to reverse course and plummet back down. The market pullback erased all gains for Bitcoin, with Ethereum dropping as low as $2,500.

Analyst Gu Jingci believes that the weekly candle closing soon will be bearish for Bitcoin, potentially breaking last week's low around $76,200 to $75,800. On the other hand, Ethereum's overall trend remains stronger, but its weekly close featured a long upper shadow.

Gu Jingci advises traders to keep an eye on resistance levels at $78,000 and the $2,550 to $2,560 range, which was also the previous intraday high. He recommends opening shorts in Bitcoin around $77,500 to $78,000, targeting near $76,000, and opening shorts in Ethereum around $2,535 to $2,550, aiming for a target near $2,430 to $2,470.