Gu Jingci: Bitcoin/Ethereum Entering a Narrow Range Consolidation Ahead of Schedule

After an initial period of wide-range fluctuations, Bitcoin/Ethereum has kept within a narrow consolidation range from last night to the present. In terms of candlestick patterns, the 4-hour chart shows that after a surge, the market began forming a clear downward trend, with choppy movement sloping downward. The latest candlestick closed bearish, indicating that bearish momentum is still being released. On the daily chart, yesterday saw a huge bearish candle with a long lower shadow, confirming a strong reversal of the short-term trend and the outbreak of sell-off pressure. And today, the rebound strength is also not strong; it is currently still showing a bearish candle, continuing the downtrend.

On the 4-hour technical indicator chart, both the DIF line and the DEA line have already crossed below the zero axis, and the DIF line has continued to run below the DEA line. The MACD histogram is negative and keeps expanding, indicating that the market is in a clear bearish trend and that downside momentum is strong.
The huge bearish candle on the daily chart is a key signal for a shift in market sentiment, confirming the outbreak of bearish power. At present, the market needs to watch for support at key levels and also for pressure, and guard against a trend change that is right around the corner. During this period, everyone who has been following the thinking has seen the overall room for movement for themselves. Another new round of action is about to be laid out again—hurry up and keep up with the Silk Road.

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