Bitcoin Futures Analysis BTCUSDT - November 28 2024

From Crypto futures trading
Jump to navigation Jump to search

BTC/USDT Futures Trading Analysis - November 28, 2024

1. Introduction

On November 28, 2024, the Bitcoin market demonstrates significant activity. According to Binance, the **spot price of BTC** is **$95,799.00**, reflecting an increase of **2.74%** compared to the previous day. The **futures price on Binance Futures** is **$95,950.00**. The trading volume over the past 24 hours has reached **$85.5 billion**, indicating growing interest from investors.

2. Technical Analysis

Key Support and Resistance Levels:

  • **Daily timeframe:**
 * Support: **$93,000**
 * Resistance: **$97,000**
  • **Hourly timeframe:**
 * Support: **$94,500**
 * Resistance: **$96,500**

Indicators:

  • **Simple Moving Averages (MA):**
 * MA50: **$95,200**
 * MA200: **$94,000**
  • **Exponential Moving Averages (EMA):**
 * EMA50: **$95,400**
 * EMA200: **$94,200**
  • **Relative Strength Index (RSI):** **60**, suggesting potential overbought conditions.
  • **MACD:** The MACD line is above the signal line, confirming an ongoing bullish trend.
  • **Bollinger Bands:** The bands are widening, indicating increased volatility.
  • **Fibonacci Levels:** A retracement is observed at the **50%** level, near **$94,500**.
  • **Elliott Wave Analysis:** The corrective wave B may be concluding, with an impulsive wave C likely to begin.

Patterns: A **"Head and Shoulders"** pattern is forming on the hourly chart, signaling a potential trend reversal near **$96,500**.

3. Volume Analysis

  • **Open Interest:** **6,000 BTC**, predominantly long positions.
  • **Liquidations in the past 24 hours:**
 * Long positions: **$60 million**
 * Short positions: **$40 million**
  • **Options:**
 * Nearest expiration date: **November 30, 2024**.
 * Open interest: **$1.2 billion**.
 * Call/Put ratio: **1.3**.
 * "Max Pain" level: **$96,000**.
 * Key strike prices: **$94,000**, **$98,000**.
Liquidations Summary
Date Total Liquidations (million USD) Long Liquidations (million USD) Short Liquidations (million USD) Open Interest (BTC)
11/27/2024 100 60 40 5,800
11/28/2024 90 50 40 6,000
Options Analysis Summary
Expiration Date Open Interest (billion USD) Call/Put Ratio "Max Pain" Level (USD) Key Strike Prices (USD)
11/30/2024 1.2 1.3 96,000 94,000, 98,000
File:Binance-BTC-USDT-Liquidation-Heatmap-24-hour-2024-11-28-07-25-42.png
Liquidation Heatmap

4. Forecast and Strategy

Based on the current analysis, it is recommended to consider opening a long position:

  • **Entry Level:** **$96,500**
  • **Target:** **$98,000**
  • **Stop-loss:** **$95,000**

Example Trade:

  • **Capital:** **1,000 USDT**
  • **Leverage:** 20x
  • **Position Size:** **$20,000**
  • **Potential Profit:**
 * If the price rises from **$96,500** to **$98,000**:
 * ($98,000 - $96,500) / $96,500 × $20,000 = **$310.88 (~15.54%)**
  • **Potential Loss:**
 * If the price drops from **$96,500** to **$95,000**:
 * ($96,500 - $95,000) / $96,500 × $20,000 = **$310.88 (~15.54%)**

5. Fundamental Analysis

  • **Macroeconomic Factors:**
 The anticipated interest rate cut by the U.S. Federal Reserve in December continues to support cryptocurrency markets. Increasing demand for digital assets provides additional momentum for BTC.
  • **Large Investor Activity:**
 Open interest near **$96,000** indicates significant resistance at this level.

6. Analysis Sponsor

Retrieved from "https://cryptofutures.trading/index.php?title=Bitcoin_Futures_Analysis_BTCUSDT_-_November_28_2024&oldid=1456"