Nov 20, 2024 (MENAFN via COMTEX) --
(MENAFN - Daily Forex) Bullish View
Buy the BTC/USD pair and set a take-profit at 95,000. Add a stop-loss at 87,000. Timeline: 1-2 days.
Bearish View
Sell the BTC/USD pair and set a take-profit at 87,000. Add a stop-loss at 95,000.
Bitcoin price remained above $90,000 this week as hopes of friendly regulations continued. The BTC/USD pair was trading at 90,415 on Tuesday morning, a few points below the year-to-date high of 93,357. It has jumped by over 110% from its lowest level this year, making it one of the top-performing assets this year.
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Bitcoin's surge has happened as investors anticipated the upcoming Trump administration that will be more friendly to the industry. Analysts believe that he will implement friendlier policies compared to Joe Biden, which has been more hostile to the sector.
Bitcoin has also attracted more investments from institutional investors as the cumulative net inflows jumped to over $27.46 billion. The iShares Bitcoin ETF has attracted over $42 billion in assets, while funds by Fidelity, Ark Invest, and Bitwise have added $17.3 billion, $4.2 billion, and $3.7 billion in assets, respectively.
The BTC/USD pair has also jumped as hopes that the Federal Reserve will continue cutting interest rates in the next few meetings. Analysts believe that lower cuts would lead to more demand for Bitcoin, a popular risky asset/USD Technical Analysis
The daily chart shows that the BTC/USD pair has been in a strong bull run in the past few months. It has flipped the important resistance level at 73,765, its highest point in March this year. This was a crucial level since it was the neckline of the inverse head and shoulders pattern, a popular bullish sign.
EURUSD Chart by TradingView
Bitcoin has also moved above the 50-day and 100-day Exponential Moving Averages (EMA), a popular bullish sign. The BTC/USD pair has also formed a bullish pennant pattern, a popular continuation sign in the market.
The Relative Strength Index (RSI) and the MACD indicators have all pointed upwards, while the MVRV indicator has risen to 2.6. Therefore, Bitcoin will likely continue soaring as bulls target the important resistance level at 100,000.
A drop below the important support level at 86,000 will invalidate the bullish sign and signal that there are more bears in the market.
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COMTEX_459990511/2604/2024-11-20T04:16:00
