Bitcoin Futures Analysis BTCUSDT - November 8 2024

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Analysis of BTC/USDT Futures Trading on November 8, 2024

1. Introduction

As of November 8, 2024, the BTC/USDT pair shows stable growth. The current price is $75,800, representing an increase of 0.78% compared to the previous day. The 24-hour trading volume reached $35 billion, indicating high interest from market participants.

The recent decision by the U.S. Federal Reserve to lower interest rates by 0.25% positively impacted the crypto market, encouraging investors to make active purchases.

2. Technical Analysis

Daily Timeframe:

  • Moving Averages (MA and EMA):
 * MA50: $72,500
 * MA200: $68,000
 * EMA50: $73,000
 * EMA200: $69,000

Hourly Timeframe:

  • Moving Averages (MA and EMA):
 * MA50: $75,200
 * MA200: $74,800
 * EMA50: $75,300
 * EMA200: $74,900
  • Indicators:
 * RSI: 65 (indicating an overbought zone)
 * MACD: Positive histogram, signaling the continuation of an upward trend
 * Fibonacci Levels: Correction at the 0.618 level from the recent high suggests potential support around $74,000
 * Bollinger Bands: The expansion of the bands indicates increased volatility
 * ATR: $1,200, suggesting significant price fluctuations
 * VWAP: The current price is above VWAP, indicating a bullish market sentiment
  • Elliott Wave Analysis: BTC/USDT is currently in the third impulse wave, indicating a potential continuation of the upward movement
  • Patterns: The formation of a "bullish flag" on the hourly chart confirms the likelihood of continued upward momentum

3. Volume Analysis

  • Open Interest: According to data from Coinglass, the open interest in BTC futures is $5 billion, with long positions dominating
  • Liquidations: In the past 24 hours, positions worth $150 million were liquidated, indicating high market volatility
  • Options: The next options expiration date is November 15, with a total volume of $1 billion, which could impact short-term price dynamics
  • Bitcoin ETF: Bitcoin ETF trading volumes have increased by 10% over the past week, reflecting growing institutional interest

4. Forecast and Strategy

Based on the current analysis, opening a long position is recommended.

  • Entry Point: On a breakout above the $76,000 level
  • Exit Point: Upon reaching the $78,000 level
  • Stop-loss: Set at $74,000

With a capital of 1000 USDT and a 20x leverage, the potential profit is $400, with a risk of $200.

5. Fundamental Analysis

  • Macroeconomic Factors: The Fed’s interest rate cut has encouraged investors to invest in higher-risk assets, including cryptocurrencies
  • Large Investors' Actions: According to Cryptometer.io, large investors have increased their BTC positions by 5% over the past week, showing confidence in further growth

6. Links Úteis e Patrocinados

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