BTC/USD Signal Today - 27/11: Could Get Worse (Chart)

(MENAFN- Daily Forex) Bearish View

• Sell the BTC/USD pair and set a take-profit at 87,500.
• Add a stop-loss at 94,000.
• Timeline: 1-2 days.

Bullish View

• Set a buy-stop at 92,500 and a take-profit at 95,000.
• Add a stop-loss at 87,000.

Bitcoin price continued its downtrend as the recent rally took a breather. After peaking at 99,767 last week, the BTC/USD pair has dropped to 92,000 as some traders started to take profits. It has dropped to its lowest point since Wednesday last week Forex Brokers1 Get Started 74% of retail CFD accounts lose money

Bitcoin's retreat happened a day after Wall Street investors exited some of their ETF trades. Data show that ETFs had a net outflow of over $438 million on Monday, a trend that could continue as the weakness in the crypto market. These funds have over $102.2 billion in assets, a remarkable performance.

Analysts note that it is not uncommon for cryptocurrencies and other assets to pull back after nearing a key resistance level. For example, in October, the coin pulled back after rising and retesting 73,788, its highest level in March this year.

Most experts believe that the coin has more room to grow as companies start to accumulate the coins following MicroStrategy's lead. Just this week, MicroStrategy bought over 5,000 more coins, making it the biggest holder of the coin. This buying has pushed its market cap to over $72.3 billion, making it one of the biggest companies in the US.

Bitcoin also pulled back as investors reacted to the hawkish Federal Reserve minutes. These minutes showed that the bank will likely focus on cutting gradual as inflation heads to the 2% target/USD Technical Analysis

The daily chart shows that the BTC/USD pair
has been in a strong bullish trend in the past few months. It has moved from below 16,000 in 2022 to almost 100,000 today.

EURUSD Chart by TradingView

The pair has now pulled back from the year-to-date high of 99,767 last week to about 92,000. Oscillators like the Percentage Price Oscillator (PPO) and the Relative Strength Index (RSI) have pointed downwards.

It has moved below the Weak Stop & Reverse of the Murrey Math Lines. Therefore, there is a risk that the coin will continue falling in the near term, potentially to the strong pivot release point at 87,500.

Conversely, a move above the key resistance level at 93,000 will invalidate the bearish view and point to more upside.

Ready to trade our
daily Forex forecast ? Here's a list of some of
the top forex brokers UK
to check out.

MENAFN27112024000131011023ID1108933243