Gu Jingci: The weekly close for bitcoin/ethereum on August 16 is approaching, and the long-short battle is about to be decided

Pay attention and stay tuned for significant returns. Hello, I am analyst Gu Jingci. I am here to share my perspectives and hope every follower achieves decent profits!

Bitcoin/Ethereum have been continually positioned for short trades, and the overall space for these strategies is evident. The current market is experiencing sideways volatility with unclear bullish or bearish trends. However, with the weekly closing approaching at 8:00 AM tomorrow (UTC+8), it's highly likely the weekly candle will close bearish. As long as 63,500 for Bitcoin and 1,900 for Ethereum are not effectively broken and held, the market will likely continue to rebound and then decline. The daily moving average indicators are clearly lagging and have reached critical resistance points. It is advisable to short at high resistance levels. However, if these moving averages are breached and stabilized again, it means the trend will shift and the market will continue to rise. On the 4-hour chart, recent candlesticks mostly have small bodies and long wicks, indicating repeated contention between bulls and bears and a state of consolidation. The latest candlestick closed bullish but with an upper wick, showing selling pressure above.