Cryptocurrency Market Analysis: The Major Trend of Bitcoin on November 26th Remains Intact! Where Are the Excellent Short-Term Pullback Opportunities? Latest Market Analysis

Article Published on 2024.11.26—00:40

Current Price of Bitcoin is 96000. Yesterday's market was evident to everyone; the strategy provided in the article suggested shorting at 98000, with a target of 95000, which was reached. Congratulations to the followers who caught this move and took profits. After taking profits, there was no choice to go long immediately but to wait for the sharp drop to finish before selecting an entry point. The major trend remains intact. The market has rebounded after a false break at the neckline, but there has not been a significant rebound indicator. Patience is required; do not open new positions immediately. If a clear support level forms below 96000, one can enter and start going long.

Looking at the market, the analysis is still based on price trends. Currently, the candlestick pattern fluctuates within the range of 96000 to 99000, forming a wide oscillating box. The large-scale box fluctuations are indeed quite enticing, with ample space for movement. The daily candlestick chart shows multiple long upper shadows, indicating heavy selling pressure above, with obvious profit-taking behavior from the main players. In the technical indicators, the MACD in the 4-hour period shows both DIF and DEA below the zero axis, with the MACD histogram in negative territory, indicating that short-term bearish forces dominate, but there are signs of convergence. After the market pulls back below 96000, there is a demand for a rebound; thus, wait for the pullback to end before continuing to lay out long positions.

The current RSI value of the relative strength index is approximately 44, close to the oversold area, which may lead to a rebound. The trend indicator EMA price is currently below EMA7 and is between EMA30 and EMA120, indicating a weak short-term trend while maintaining an upward trend in the medium to long term. A clear thought from the analysis is that as long as the major trend is bullish, the focus should be on finding opportunities to go long at support levels, following the trend accordingly.

Today's Price Predictions

Long Entry at 95000, add long at 94000, stop at 93500, target 97000.

Short Entry at 98000, add short at 99000, stop at 99500, target 96000.

The above is a brief analysis by the author regarding the current market conditions for investors' reference.