1.   Market Overview

Over the past week, Bitcoin has shown a steady increase. The price has risen by 3.36% in the last 7 days, with a notable 0.98% increase in the last 24 hours, and a 0.48% growth in the past hour. The current price of Bitcoin is $37,600.83 (Nov 21, 2023, 11.03 UTC), which is 45.34% below its all-time high of $68,789.6312.

 

 

A significant development is the potential $4 billion settlement by Binance to resolve multiple U.S. criminal charges. This news has positively impacted Bitcoin's price, which along with BNB Coin, has seen an increase, with Bitcoin moving up 1% on the day of the announcement.

 

Institutional investors continue to show interest in Bitcoin, with total inflows into crypto-backed traditional investment funds surpassing $1 billion for the year. Bitcoin-backed funds alone received $240 million in the past week, indicating strong bullish sentiment among investors.

 

2.   Daily Candlestick Charts

Bitcoin opened today's market at $37,378, experiencing a slight decrease of 0.27% by 14:00 UTC+8. The technical indicators present a mixed view of the current market conditions. Oscillators, in general, show a neutral stance but lean towards selling signals.

 

 

The Relative Strength Index is at 75, suggesting a sell, while the Stochastic %K is neutral at 95. The MACD Level, however, indicates a buy at 2494. Other oscillators like the Commodity Channel Index and Williams Percent Range also point towards sell signals.

 

On the other hand, the moving averages paint a more bullish picture. Both Exponential and Simple Moving Averages across various time frames, ranging from 10 to 200 days, predominantly signal a buying trend. This is contrasted by the Hull Moving Average, which suggests selling. The pivot point analysis, which includes various methodologies like Classic, Fibonacci, and Camarilla, offers a range of resistance and support levels. The current central pivot point is at 26,776, serving as a key level in this analysis.

 

3.   Trading Signal

 

 

Based on our market tools:

• Oscillators: Current RSI levels are elevated, suggesting Bitcoin may be approaching overbought territory. This indicates a potential for a price correction in the event of a sell-off.

 

• MACD: The MACD is showing signs of a momentum shift. Traders should exercise caution, as this could indicate a potential change in the current trend.

 

• Moving Averages: The moving averages continue to demonstrate a strong bullish trend, suggesting that Bitcoin's upward movement could persist.

 

Trigger Order

 

To place LONG and SHORT orders using  BingX, use a Trigger Order with the following guidelines:

 

1. Long Position:

- Enter: Between $36,500 to $36,700.

- Take-Profit: $37,900.

- Stop-Loss: $35,000.

 

2. Short Position:

- Enter: $35,500.

- Take-Profit: $34,500.

- Stop-Loss: $36,500.

 

Leverage: Adjust leverage based on your risk tolerance and financial capacity, considering the market's current volatility and trends.

 

4.   Trading Summary from Last Week

 

Last week, we formulated a strategic trading plan focusing on both long and short positions for the BTC/USDT pair.

 

 

Our actual trade execution for the week was remarkably successful, particularly in the long position. We entered the BTC/USDT market on the 15th of November at 02:53:50 UTC, with an averaged open price of $35,142.60. The trade was carried out with a margin of 900 USDT and a significant leverage of 50x.

 

This strategic move was well-rewarded when our take-profit target of $37,728 was hit, leading to a closure of the position on the 16th of November at 03:07:44 UTC. The precision of our market analysis and timing in response to market conditions resulted in an impressive profit of 3310.59 USDT, which is equivalent to a remarkable 367.84% return on the margin used. After accounting for a trading fee of 20.25 USDT, our net gains still reflected a highly successful trading endeavor for the week.

 

5.   Disclaimer

 

The information provided here is for educational and informational purposes only and should not be construed as financial, investment, or trading advice. The cryptocurrency market is highly volatile and involves significant risks. We recommend conducting thorough research, assessing your financial situation, and consulting with a qualified financial advisor before making any trading decisions. Any actions you take based on this information are at your own risk, and we cannot be held liable for any losses or damages incurred.