11/22 Bitcoin BTCUSD Trading Target Analysis
On November 21, the net assets of the Bitcoin Exchange-Traded Fund (ETF) in the United States first broke the $100 billion mark.
Since the launch of the physical Bitcoin ETF in January this year, Bitcoin has sparked a strong wave in the ETF market.
Following the election of pro-cryptocurrency President Trump on November 5, investor interest in Bitcoin has shown a rapid upward trend.
Currently, the assets managed by Bitcoin ETF are approximately $104 billion, while as of November 21, the asset scale of gold ETF stands at $120 billion. The Bitcoin ETF is showing a strong momentum that may surpass the gold ETF.
Given the extremely strong upward development prospects for Bitcoin, and before the market fully enters a frenzy, we intend to adopt a trend-buying strategy to explore suitable trading opportunities. $BTC
Specifically, the bullish target price for Bitcoin is approximately around $97,123.
This price level plays a key role as a cash support conversion line in technical analysis.
However, it is important to note that this price has a certain tendency for conflict. Therefore, during actual trading, it is necessary to closely monitor price fluctuations in real-time to accurately determine whether it will rebound upward or retrace downward. Guan Zhu Gong Zong Hao: Yunzi Commune, Mianfei Jia Jun
If the price trend does not show significant deviation from the 20-day simple moving average (20SMA), then from the perspective of trading decisions, it can be temporarily disregarded, as its trading reference value is relatively limited and hardly serves as a reliable trading basis.
