Gu Jingci: Bitcoin/Ethereum Trading Strategy with Market Analysis (July 7th)

Bitcoin/Ethereum surged and then retreated again in the early hours of the morning. The high point was not broken before the decline began, and the daily chart also reached the upper Bollinger Band before falling back. Once the downtrend is confirmed, a downward trend will likely begin in the next few trading days. The 4-hour chart shows that after the strong rise in the early hours of last night, a long bearish candlestick with an upper shadow appeared in the morning, forming a bearish engulfing or dark cloud cover pattern, indicating strong short-term selling pressure. Recent candlesticks are small bullish candlesticks with small bodies, indicating market hesitation after the sharp decline, with a temporary balance between bulls and bears. On the 4-hour chart, the DIF line has crossed below the DEA line, forming a death cross, and the MACD histogram is negative with increasing absolute value, indicating that short-term momentum has turned bearish and bearish forces are strengthening. The sharp decline in the morning was accompanied by relatively high trading volume, indicating heavy selling pressure. The latest candlestick shows a decrease in trading volume, consistent with the price hesitation. Trading suggestions: Short Bitcoin around 63500-63800, with a target of around 61000-62000; Short Ethereum around 1785-1800, with a target of around 1720.