📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
🎮 This round focuses on: Yooldo Games (ESPORTS)
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💰Total prize pool: 4,464 $ESPORTS
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🥉 Third Prize (10 winners): 150 tokens each
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1️⃣ Publish an
Recently, the Bitcoin market has shown significant fluctuations and is at a critical turning point. Currently, the Bitcoin price is fluctuating around 103000, with market interest being diverted to other Crypto Assets, resulting in a decrease in volume.
From a technical perspective, the daily chart shows that the EMA15 trend fast line is providing support near 116000, while the MACD indicator is trending towards a death cross at a high level. The Bollinger Bands are widening, with upward pressure gradually decreasing and downward support rising to 114500, indicating that the forces of bulls and bears are gradually tending to balance.
The four-hour chart shows that the price is at the end of a triangular consolidation pattern, with the EMA indicator converging and MACD showing a shrinking fluctuation. The Bollinger Bands are further narrowing, with the upper resistance level at 119000 and the lower support level at 117000, compressing the fluctuation range to within 2000 points.
For short-term traders, the market is currently in a relatively sensitive stage. It is recommended to consider going long in the range of 116500 to 116000, with a stop loss set at 115500. If the upper resistance is broken, you can pay attention to target levels of 117500 to 118000. Conversely, if the price rises to the range of 119000 to 119500, you might consider going short, setting the stop loss at 120000.
It is worth noting that the current market has not yet broken through key support levels, and investors should remain cautious and adopt a trial position strategy. Whether going long or short, strict stop-loss strategies should be implemented to control risks. At the same time, it is also important to closely monitor real-time market data and adjust trading strategies in a timely manner.
Overall, the Bitcoin market is at a critical decision point, and investors need to stay alert, seizing potential opportunities while also managing risks. In this market environment, flexibility and reasonable allocation are the keys to success.