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🎁 Gate APP has been updated to the latest version v8.0.5. Share your authentic experience on Gate Square for a chance to win Gate-exclusive Christmas gift boxes and position experience vouchers.
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This Friday's market rhythm is actually quite interesting. It hasn't stopped since early morning. Although the daytime saw a gradual rise, Bitcoin directly surged to the strong resistance level of 90,000 in the evening, then pulled back. The US stock market opened high but then declined again, and the market followed suit, pushing upward to a high of 90,945. After this rally, there is an almost thousand-point correction space, currently oscillating around 89,800.
ETH is also following BTC's rhythm, reaching 3,149, and is now fluctuating around 3,100.
Honestly, this week's trading experience has been average. On Friday morning, I saw that the correction wasn't enough, so I set up long positions, earning a maximum of just over a thousand points. Later, I tried two short positions, both entered at the top of the range, but were immediately swept out by a sharp rise. Fortunately, I made some partial recoveries in batches early Saturday morning, which helped stop the bleeding.
From a technical perspective, the Bollinger Bands are showing a clear convergence signal. Bitcoin was initially suppressed by the middle band and pulled back, then gradually broke above the middle band, recently breaking through the upper band and then retesting, with the Bollinger Band mouth tightening significantly. This pattern usually indicates an imminent trend reversal.
On the 4-hour chart, BTC completed a surge and formed a high-level consolidation near the upper Bollinger Band. The doji candlestick completed a short-term technical correction but without a deep retracement, indicating that a short-term pullback is a normal demand and also confirming that the bullish trend has been established. The bullish momentum continues to ferment, and the selling pressure from bears is gradually dissipating. The market structure for the bulls is becoming more stable. From the market's performance, a clear bullish logic has already formed.
On the hourly level, the upward channel extension is very clear. The strong surge in the evening effectively broke through a key resistance, and the price is now holding above the previous resistance zone, opening the door for further upward movement. The market is expected to continue challenging the next target resistance area along the upper channel boundary.
From a trading perspective, it is recommended to use pullback lows as entry points for long positions, following the oscillating upward trend to capture swing trades. Don't be greedy; go with the trend.
**Suggested operational strategies:**
BTC: Long positions in the 89,000-89,500 range, target 92,000
ETH: Long positions in the 3,100-3,120 range, target 3,250