XBT/USD Analysis Nov 27: Bitcoin Readies For One Ballistic Breakout Targeting $8.2k – BitMEX Margin Trading

Bitcoin
Bitcoin

XBT/USD Analysis Nov 27: Bitcoin Readies For One Ballistic Breakout Targeting $8.2k – BitMEX Margin Trading

  • Bitcoin nurtures a sideways trading trend above $7,000.
  • The inverted head-and-shoulders pattern suggests that Bitcoin could breakout above $8,000 and $8,200.

Bitcoin’s perpetual swap contract on BitMEX has continued to impact sentiment towards the largest cryptocurrency in the industry positively. In the last 24 hours, the contract has attracted $2.4 billion in trading volume. It features a $609 open interest and a funding rate of 0.0037% over the previous seven hours.

XBT/USD 1-hour chart

XBT/USD price chart
XBT/USD price chart by Tradingview, BitMEX

The 1-hour chart for XBT/USD shows Bitcoin recently staged recovery having hit a dead-end at $7,400. The trading action that followed the resistance has been mostly sideways. Bitcoin continues to fight hard to stay above $7,000.

Meanwhile, the immediate upside is forced to deal with the resistance provided by the 50 Exponential Moving Average (EMA) on the 1-hour chart currently holding ground at $7,114. A glance higher reveals more resistance at the EMA 100 ($7,200). When considering a broader look and taking into account the scope above $8,000, $7,400 supply zone must be disintegrated to pave the way for bullish price action.

The formation of an inverted head-and-shoulders pattern hints that Bitcoin’s price is on the verge of a breakout. An inverted head-and-shoulders pattern is used in classical technical analysis to signal a reversal of the previous downward trend. With the right amount of volume and other supporting indicators, Bitcoin could forge its path above $8,000. Besides, the pattern breakout has eyes on $8,200.

The present technical picture supports a sideways trading action. The RSI is relatively bullish at press time, although it has corrected from highs around 67.61. As long as it maintains a gradual upward motion, BTC will eventually breakout heading towards $8,000.

Bitcoin Key Technical Levels

Support: $7,000, $6,800 and $6,500

Resistance: $7,200, $7,400 and $8,000

RSI: Upward slopping suggests growing bullish strength

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XBT/USD Analysis Nov 27: Bitcoin Readies For One Ballistic Breakout Targeting $8.2k – BitMEX Margin Trading
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XBT/USD Analysis Nov 27: Bitcoin Readies For One Ballistic Breakout Targeting $8.2k – BitMEX Margin Trading
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Bitcoin nurtures a sideways trading trend above $7,000. The inverted head-and-shoulders pattern suggests that Bitcoin could breakout above $8,000 and $8,200.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 305 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @