Welcome to another crypto market outlook for the 24th of November!
As expected, this past week has been bullish for altcoins, following the parabolic surge in BTC the previous week. Will this greed-driven sentiment persist, or is it time for a correction? Let’s find out together.
Today, we will cover the following topics:
- Market Heatmap and Fear and Greed Index
- US500, DXY and Gold Analysis
- USDT.D, Bitcoin and Ethereum Analysis
- Quotes / Advices
- Closing Remarks
Market Heatmap and Fear and Greed Index
Congratulations, HODLers, as BTC approaches the $100,000 mark! What a milestone we have all been waiting for. BTC has been stuck in a boring phase over the past couple of days, which is pretty normal after a parabolic surge.
It is the calm before the storm, and the question is: which way will the storm take the price—up or down?
The Fear and Greed Index has been indicating "Extreme Greed" for the past two weeks. Historically, such prolonged periods of elevated greed often precede market corrections. Therefore, exercising caution is advisable.
US500, DXY and Gold analysis
According to our latest market outlook, the US500 has been bullish while retesting the $6,000 round number.
For the bulls to take full control long-term, a break above the $6,000 mark is needed.
The US500 has been in a correction, trading in the shape of a rising wedge pattern marked in red.
For the bears to activate the next bearish phase, a break below the last low in red at $5,918 is necessary.
The DXY is still hovering around the upper bound of its macro range, as mentioned during the last market overview.
This is indeed a critical zone for the DXY; if broken upward, a stronger US dollar would be expected for a couple of weeks or even months.
The bulls will remain in control in the short and medium term as long as the DXY trades within the rising broadening wedge marked in orange.
The bears will only take over if the $106.9 level is broken.
As anticipated in our previous gold update, the price rejected the $2,500 level and recovered all of last week's dip.
As long as the bulls keep pushing, a movement toward the $2,750 supply zone is anticipated.
As long as gold is trading within the blue rising channel, further upside can be expected.
If the last low at $2,683 is broken downward, then, and only then, will the bears take over.
USDT.D, Bitcoin and Ethereum analysis
As per our last USDT.D analysis, it is still hovering around the 4% mark, forming what we call a “build-up.”
If the 3.75% - 4% zone is rejected, a medium-term bullish correction is expected.
The overall sentiment will remain bearish for USDT.D, which would be bullish for crypto, as long as USDT.D trades within the blue falling channel.
The sentiment will shift to bullish for USDT.D and bearish for crypto if, and only if, the 4.11% high is broken upward.
BTC is almost there, hitting the $100,000 milestone as mentioned in my last roundup article.
If the $100,000 level is broken upward aggressively, expect another parabolic bullish wave.
In parallel, if the last minor low marked in red at $97,000 is broken downward, a bearish correction toward the lower bound of the green channel at $93,900 would be possible.
As anticipated in our last ETH analysis, it continued trading higher, reaching the $3,500 resistance after breaking above the $2,900 resistance.
For the bulls to maintain long-term bullish control, a break above the $3,600 mark is required.
In parallel, for a deep bearish correction to begin, leading toward the $3,000 round number, a break below the last low at $3,255 will be required.
Quotes / Advices
Money is made by sitting, not trading.
~ Jesse Livermore
Closing Remarks
In summary, The Fear and Greed Index shows "Extreme Greed," signaling caution as BTC nears the $100,000 milestone. A breakout could trigger a parabolic surge, but a drop below $97,000 might lead to a correction.
US500 is bullish near $6,000, needing a breakout for long-term control, while a break below $5,918 signals a bearish phase.
DXY remains critical, with bulls in control unless it falls below $106.9.
Gold targets $2,750 but risks a bearish reversal if it drops below $2,683, while ETH pushes toward $3,600 but could correct to $3,000 if $3,255 breaks.
USDT.D’s bearish trend supports crypto strength, but a move above 4.11% would shift sentiment.
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