Cycles and Cryptocurrency Market Update – Nov-21-2024
Bitcoin is on the verge of reaching the psychological level of $100K, surging past $98,000. While the recent U.S. presidential election provided a spark, a confluence of regulatory developments, capital inflow and market optimism have powered Bitcoin’s unprecedented rise.
Since it has already broken past multiple resistance levels, including $90K, significant volatility can be expected when the price reaches $100K, as it is the take-profit area for many short-term and long-term Bitcoin holders.
Meanwhile, Ethereum is nearing its $3,474 weekly resistance; a firm close above suggests a continuation of the rally to $4,000. However, SOL has recorded a new all-time high (ATH) of $262, marking a historic recovery after three years of tumultuous price action. That’s a significant move off the cycle low.
With the capital flowing into BTC, it will be difficult at the moment for Altcoins to beat Bitcoin’s performance. The overall Crypto market capitalization surpassed $3.3 trillion, up 3.8% in the last 24 hours.
BTC/USD DAILY CHART
BTC daily chart, shows a very bullish outlook, displaying a full bull market with right translated 60-day cycle. Still very early in the 60-day cycle and with all the MAs soaring high, I believe the bull market still has a milestone to hit before any significant drop. $100k target is getting close; we have 75% stretch from the last consolidation and some big volume coming in.
This is just a kind of idea based on prior cycle, though overbought but still in a strong spot driven move. As we know, in a bull market, overbought can remain for a significant amount of time. We’re in a very powerful move at the moment as you can see from the chart.
I’m not surprised about this big move, because a very right translated cycle could do stuff like this. We had a similar move in January after the ETF approval and this recent massive move could be attributed to Trump’s victory.
Of course, this market can just drop suddenly at any point, but there isn’t a huge amount of leverage that’s built in right now. I’m expecting the first correction after the end of the 60-day cycle. Just stay in position, and let the market go much higher.
Chart 1 . A significant leap-frog of 75% above the key levels and highly suggestive of another big move in this 4-year cycle in play.
Source: Paid Content from bitcoin.live , Chart by TradingView
BTC/USD WEEKLY CHART
BTC weekly chart, has a similar massive stretch like the daily chart. We have 3 green candles in a row as all elements are being clearly bullish and the price action is well above the 10-week MA.
This structure is very bullish from the 4-year cycle stand point,and I want to stick to this bullish narrative.
Considering the last successive green candles, the bullish momentum seems very high at the moment, and a breakout above the $100K level (psychological level) is the more probable scenario at this point.
Chart 2. A clear break away from the range of over 9 months and the price action is well above the 10-week MA. Source: bitcoin.live , BTCUSD Chart by TradingView
ETH/ BTC CHART
The lows are beginning to reverse overnight and this could be a game changer. Although, it looks like the bottom is formed; this could be a bear trap as it has happened before. The key take away is that, Ethereum continues to drag and underperform Bitcoin.
The market is already oversold, and a healthy correction might occur. Though Ethereum has not shown enough correlation following Bitcoin’s surge, any potential retracement as soon as BTC breaches the $100,000 mark might impact Ethereum.
Chart 3. The lows are beginning to reverse overnight consolidating the weekend’s gains, with ETH ‘s price remaining above the $3,300 mark: Source: bitcoin.live , ETHUSD Chart by TradingView
SOL/BTC CHART
Sol continues to at least stay on par with BTC. Looking further out, it looks a lot better and holding the key level could prepare it for a “sizable advance.”
While on weekly, Solano looks really good because, it’s being the main Altcoin that’s out performing the Bitcoin. This chart looks really good, but of course it shouldn’t lose the bottom line that’s the key level.
The pair has formed a symmetrical triangle, which usually behaves as a continuation pattern. As the price was moving higher before the triangle’s formation, the possibility of a breakout remains high.
Chart 4 shows SOL looks really good as it has recorded a new all-time high (ATH) of $262 mark. Source:bitcoin.live , SOLUSD Chart by TradingView
