Technical Analysis

BTC/USD Analysis – November 30, 2021

By LonghornFX Technical Analysis
Nov 30, 20213 min

Bitcoin Price Prediction

The BTC/USD was closed at $57,845.0 after placing a high of $58,886.0 and a low of $56,772.0. BTC/USD surged for the 3rd consecutive session on Monday and extended its gains amid its rebound from the sell-off.

Recently, Google has revealed that more than three-fourths of the 50 Google Cloud accounts that hackers breached were being used in cryptocurrency mining. According to the investigation report named Threat Horizons, criminal activities were being carried out by hackers from Russia and South Korea. The report stated that malicious actors used the accounts to scan other publicly available resources on the internet.

Google Cloud users can use the platform's computing power for their activities, including cryptocurrency mining, as the platform offers remote data and file storage to its customers off-site. The report suggested that out of 50 Google Cloud accounts hacked, around 86% were being used to mine cryptocurrencies. The report stated that the cryptocurrency mining software was downloaded within 22 seconds of the account breach. This news kept the gains in BTC/USD limited for the session on Monday.

Meanwhile, a German stock market operator, Deutsche Borse, has recently announced the listing of Bitcoin Spot ETN on its digital stock exchange Xetra. This product came from Invesco, an American Investment management company that filed for a Bitcoin futures ETF in the US in August but recently dropped. The Invesco Physical Bitcoin ETN offers physically secure access to Bitcoin performance.

Furthermore, Singapore has also moved forward with a spot Bitcoin ETF, which was blocked by the US SEC to be launched by US firms. Singapore-based fund manager Fintonia Group has launched the country's first spot BTC fund, which will buy and hold physical BTC after receiving approval from the Monetary Authority of Singapore. This news also added in the positive momentum of BTC/USD.

The US Dollar Index that measures the greenback value against the basket of six major currencies rose to 96.44 level and gave strength to the US dollar, but the strong dollar limited the rising prices of the leading cryptocurrency BTC/USD as both negatively correlated. The US dollar was high due to its safe-haven bets after the Omicron variant spread increased in many countries. The fears of spread prompted many countries worldwide to impose travel restrictions that triggered inflows in the US dollar, which dragged BTC/USD to the downside.

BTC/USD Intraday Technical Levels

Support Resistance

56782.6 58896.6

55720.3 59948.3

54668.6 61010.6

Pivot Point: 57834.3

BTC/USD - Technical Outlook

The BTC/USD pair slipped sharply to 56,350 level after placing a high at 58,822 level. It looks like the pair has completed 50% Fibonacci retracement, and now it’s gaining support at the 56,054 level. Closing of candles above this level exposes the Bitcoin price towards 57,705 pivot point resistance.

The breakout of 56,056 support exposes the coin towards the 54,937 level. At the same time, the RSI and Stochastic are in support of a downtrend. Thus, bearish bias dominates below 57,705 and vice versa. All the best!


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