Bitcoin Futures Analysis BTCUSDT - November 20 2024

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BTC/USDT Futures Trading Analysis — November 20, 2024

1. Introduction

As of November 20, 2024, the cryptocurrency market is showing significant volatility. The current spot price of Bitcoin (BTC) is 92,376.27 USD, reflecting a 2.5% increase over the last 24 hours. The trading volume during this period reached 115.41 billion USD, highlighting increasing market activity.

Recent economic events, including the release of U.S. inflation data and decisions by the Federal Reserve (Fed), have impacted BTC/USDT movements. The Fed's interest rate hikes have strengthened the dollar, putting pressure on the crypto market.

2. Technical Analysis

By analyzing daily and hourly timeframes, the following key levels have been identified:

Support levels:

  • 90,000 USD
  • 88,000 USD

Resistance levels:

  • 95,000 USD
  • 97,500 USD

Moving Averages (MA and EMA):

  • MA (50): 91,500 USD
  • EMA (50): 91,800 USD
  • MA (200): 89,000 USD
  • EMA (200): 89,200 USD

Indicators:

  • RSI: 65 (indicating a potential overbought zone)
  • MACD: The MACD line is above the signal line, indicating a bullish trend
  • Bollinger Bands: Expanded, signaling increased volatility
  • ATR: 2,500, confirming high market volatility

Elliott Wave Analysis: The current market structure aligns with the third wave of growth, suggesting the continuation of the bullish trend.

Patterns: A "head and shoulders" pattern is forming, which may indicate a potential trend reversal if the 90,000 USD level is breached.

3. Volume Analysis

Open Interest:

  • Total Open Interest: 20.5 billion USD
  • Long positions: 55%
  • Short positions: 45%

Liquidations in the Last 24 Hours:

  • Total Liquidations: 1.2 billion USD
 * Long positions: 0.7 billion USD
 * Short positions: 0.5 billion USD

Options Data:

  • Expiration date: November 22, 2024
  • Open Interest Volume: 2.5 billion USD
  • Call/Put Ratio: 1.2
  • "Max Pain" Level: 65,000 USD
  • Key Strike Prices: 60,000 USD, 65,000 USD, 70,000 USD

4. Forecast and Strategy

Based on the current analysis, a long position is preferred.

Recommendations:

  • Entry point: 92,000 USD
  • Take-profit: 95,000 USD
  • Stop-loss: 90,000 USD

Example: With a capital of 1,000 USDT and a 20x leverage:

  • Position size: 20,000 USDT
  • Potential profit: 3,000 USD (15%)
  • Potential loss: 2,000 USD (10%)

5. Fundamental Analysis

Recent U.S. economic data, including rising inflation and Fed interest rate decisions, have significantly impacted BTC/USDT prices. A stronger dollar may pressure cryptocurrencies, but increasing institutional interest supports the ongoing bullish trend.

Large trades and positions from major market players, reflected in rising trading volumes and open interest, suggest continued optimism in the market.

6. Useful and Sponsored Links

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