Daily Bitcoin

Technical analysis of Bitcoin– November 27th

Currently the total market cap of crypto is 230.3 billion USD and trades around 7,150 USD on Binance with a 24h Volume of 21.5 billion and BTC Dominance of 66.3% according to

The overall several month trend is still very bearish as the price continues to retrace from the yearly high of 13,764 USD that was set in 26th of June. Since then BITFINEX:BTCUSD retraced around 53% to the current low of 6,515 USD that was set on Monday with a very bullish close as the price rejected further downside. This likely indicates that we will see further upside in the upcoming weeks.

Potential target can be seen around 8.5k USD previous resistance as well as 50% Fib retracement from the upswing that was seen during the first half of 2019. Additionally, a several month trading channel has once again been tested and so far the price has been respecting the bottom channel and the previously mentioned target would be in confluence with this trading channels upper resistance boundary. 100 week moving average, seen as a blue line on the chart, also has provided strong resistance during the previous bullish momentum and currently trades right along the several month channels resistance.

Further, this would mean a potential gain of around 20% if a position is made from the current price level and would offer a good risk/reward ratio when considering that a stop could be placed below 6.5k USD support.

After this target is reached it is important how the price will react as it most likely will reverse to the downside once again offering a good potential for a short position towards 6k support. This is quite significant as the price spent most of 2018 just above it as it reversed it from further downside several times and could likely do so once again if reached, meaning a potential reversal point for the price.

Alternatively, if bearish momentum returns in the upcoming days, the 6k USD level could be reached straight away, however, this scenario is less likely and would not offer a good risk/reward for a short position as of now.

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