Gu Jingci: 4.6 Bitcoin/Ethereum Morning Trading Strategy and Market Analysis

Bitcoin and Ethereum traded sideways over the weekend, then surged again in the early session, reaching highs around 69,600 and 2,134 respectively. The overall rally was relatively significant. However, the market is currently facing resistance near previous daily high points of 69,500 to 70,000 and around 2,150 to 2,170, leading to a pullback. The short-term upward movement is mainly driven by news stimuli, but there are no substantial positive fundamentals. The trend still suggests a pattern of rising to a high and then pulling back. The 4-hour candlestick chart shows that the last two candles are large bullish candles accompanied by heavy volume, indicating strong bullish momentum. However, attention should be paid to the resistance at the daily high of 2,167 and the round number 70,000. Currently, there is a rebound, but the market remains in a volatile consolidation pattern.

From a technical perspective, on the daily chart, prices are moving within a descending wedge or bottom convergence pattern. The MACD indicator shows signs of shrinking negative bars, and the RSI has rebounded from oversold territory to around 40, indicating potential for a rebound correction. The daily candles show that prices have recovered some of the decline but are still below the 20-day moving average, which acts as resistance. The MACD histogram continues to expand in the red, and the DIF has crossed above the DEA to form a golden cross, but the trading volume is insufficient, suggesting a rebound rather than a reversal. The 4-hour candles are in a narrow range of oscillation.

Morning Trading Suggestions: Short Bitcoin near 69,000 to 69,500, with targets around 66,000 to 67,000; short Ethereum near 2,120 to 2,140, with targets around 2,000 to 2,050.

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