Gu Jingci: 4.27 Bitcoin/Ethereum surged again—watch for resistance overhead

Bitcoin/Ethereum started a rally last night and continued moving up all the way. As of now, the highs have reached around 79,500 and 2,400, respectively. Overall, the pull higher is clear—this is also the rally after ending three consecutive days of sideways range-bound consolidation. The market is currently near a critical turning point. Especially for Bitcoin, focus on the resistance from 79,500 to 80,000. If it continues to break out with increased volume, the market will open up upside room. ETH will also be ready for another catch-up move. However, as long as the price has not broken through and held above the overhead resistance, there’s no need to chase longs. On the four-hour and eight-hour timeframes, multiple pushes up to this level followed by pullbacks suggest that a double-top structure could be forming. Whether it has formed a double top should be determined—if it doesn’t break and hold, the main approach is to look for shorts on rallies.

Trading suggestion: Friends holding short positions can continue to hold patiently, or—if you have good position sizing—add to your position on rallies. Enter shorts near the current price around 79,100 and 2,395. The targets are around 76,000 to 77,000 and 2,250 to 2,300.

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