Gu Jingci's short position on Bitcoin/Ethereum on July 8th has retraced as expected, and further declines are expected.

Bitcoin/Ethereum has been repeatedly suggested to short on rallies and add to short positions in recent days, with multiple rallies followed by significant pullbacks. Currently, the latest 4-hour candlesticks show a price pullback from its highs with extremely low volume, indicating insufficient upward momentum. After a strong rebound at the beginning of the month, the daily chart shows significant resistance above, with two consecutive days of bearish candles and no breakout of the highs, suggesting a short-term top. Technically, the 4-hour DIF line has crossed below the DEA line, forming a death cross, and the MACD histogram is negative and expanding, indicating that short-term bearish forces are dominant and downward momentum is increasing. Both the daily and 4-hour moving averages have turned downwards, indicating significant upward pressure and a weak trend, suggesting further downside potential. Trading recommendations: Short Bitcoin around 62800-63300, with a target of 60500-61500; Short Ethereum around 1760-1780, with a target of 1650-1700.