Gu Jingci: Bitcoin/Ethereum still look to surge high and then fall back in the early morning

Since successfully pushing higher and taking profits on long positions in the morning session, Bitcoin/Ethereum re-entered a short position strategy in the evening. However, after the rally, the market has remained in a sideways consolidation pattern, with little room for retracement. Currently, the market is still in a consolidation phase, and the range is gradually narrowing, potentially leading to a trend reversal. The six-hour Bollinger Bands are tightening at the extreme, with resistance clearly seen at the 2120 and 69,500 levels. The four-hour candlestick pattern shows small-bodied candles with upper and lower shadows, indicating a divergence between bulls and bears after the rally, which may suggest that short-term upward momentum is weakening.

The daily chart shows a large volume bullish candlestick almost engulfing the previous day's candle, forming a bullish engulfing pattern, confirming a strong rebound at the daily level. However, near the previous highs of 2090 and 68,500, short-term selling pressure may develop at these levels. Technical indicators on the four-hour chart show the MACD DIF line rapidly crossing above the DEA line and turning positive, with the MACD histogram continuing to expand, indicating strong short-term upward momentum and a trend shift from bearish to bullish. Given the recent sharp rise, caution is advised for potential pullbacks. Tonight, watch for a pullback after a surge. Support levels are around 1980 and 65,500; if these supports hold, the market may retrace and then rebound and rally.

After taking profits on long positions in the early morning, patience is recommended for holding short positions entered afterward. For those without positions, continue to short at the current price of 67,600 and 2,070, with targets unchanged at 65,500 to 66,500 and 1,980 to 2,010.

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