Greed Takes Over: Will Crypto’s Rally Hold?

Welcome to another crypto market outlook for the 10th of November!

I'm not surprised that right after the U.S. election, the crypto market has been on fire. I've mentioned this multiple times. But the question is, how long will this bullish wave hold? Let's find out!

‍‍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

‍The crypto market is going crazy, with BTC and ETH leading the charge, each surging by 5%. Altcoins followed their lead, with some entering parabolic mode and rising by over 30%.

7 days crypto heatmap showing overall bullish sentiment with BTC and ETH both up by around 5%. — *Crypto 7-Days Heatmap*

This parabolic shift has also pushed the Fear and Greed Index into Extreme Greed. Always remember, after a few days of Extreme Greed, a bearish correction is likely. Nothing can move in a straight line for an extended period.

Fear and greed index signaling Extreme Greed for the first time in months. — *Fear and Greed Index*

US500, DXY and Gold analysis

US500 weekly chart overall bullish and now approaching the upper bound of the channel and $6,000 round number. — *US500 Chart - Weekly Timeframe*

The US500 has been, and remains, overall bullish, trading within a large rising channel shown in brown.

As it approaches the upper bound and the $6,250 mark, we expect the bears to step in, initiating a correction.

US500 daily chart approaching the upper bound of the rising wedge. — *US500 Chart - Daily Timeframe*

On the daily timeframe, it is also bullish, trading within a rising broadening wedge shown in orange, with its upper bound intersecting the $6,250 level.

DXY weekly chart overall bearish trading within a long-term bearish channel and currently around its upper bound. — *DXY Chart - Weekly Timeframe*

With Trump now president, the DXY is getting even stronger this week. However, it hasn’t broken above the red channel yet.

Until then, the bears still have the potential to kick in at any time.

DXY 4h chart overall bullish unless the last low at $104.2 is broken downward. — *DXY Chart - 4H Timeframe*

For the bears to take control, a break below the recent low in blue at $104.2 is required.

Meanwhile, the bulls are winning the short-term battles, and further upside is expected.

Gold daily chart overall bullish and now approaching its lower bound around $2,600. — *GOLD Chart - Daily Timeframe*

Gold seems to be losing momentum lately, especially with the DXY gaining strength after the U.S. election.

However, the overall trend is still bullish as long as it trades within the rising green channel and remains above the $2,600 support level.

Gold 4h chart overall bearish unless the last high at $2,725 is broken upward. — *GOLD Chart - 4H Timeframe*

For the bulls to shift the momentum in their favor, a break above the $2,725 level is needed.

Meanwhile, further downside is expected toward the $2,600 mark.

USDT.D, Bitcoin and Ethereum analysis

USDT.D daily chart overall bearish and currently approaching its lower bound of the channel. — *USDT.D Chart - Daily Timeframe*

According to my last market outlook, we anticipated that if USDT.D breaks below 5%, a free fall could follow.

As USDT.D approaches the lower red and brown trendlines, the bulls may have the potential to step in for a short-term correction.

USDT.D 1h overall bearish short-term unless the falling channel is broken upward. — *USDT.D Chart - 1H Timeframe*

USDT.D will remain bearish as long as it trades within the falling orange channel, which would be bullish for the crypto market.

A correction would only begin if the orange channel is broken to the upside.

BTC weekly chart approaching the $80,000 round number and upper bound of its giant rising channel. — *BTC Chart - Weekly Timeframe*

As anticipated in our last market outlook, BTC reached a new all-time high this week and is nearing the $80,000 mark.

As long as BTC remains below $82,000, the bears will have the potential to initiate a correction toward the $72,000 support level.

BTC 1h chart overall bullish unless the rising channel is broken downward. — *BTC Chart - 1H Timeframe*

The bulls will maintain short-term and medium-term control as long as BTC trades within the rising orange channel.

For a bearish correction to begin, a break below the lower orange trendline is required.

ETH daily chart overall bullish long-term after breaking above the $3000 round number. — *ETH Chart - Daily Timeframe*

The bull run officially began after ETH broke above the $3,000 resistance zone, which has now turned into support.

The next resistance level is at the $3,500 mark.

ETH 4h chart overall bullish as long as the $2,900 support level holds. — *ETH Chart - 4H Timeframe*

As per our last ETH analysis, it broke above the previous high at $2,515 and surged by over 26%.

As it retests the $3,000 support zone, we will be looking for trend-following long positions.

Quotes / Advices

‍If you personalize losses, you can’t trade.
~ Bruce Kovner

Closing Remarks

‍In summary, The crypto market saw strong gains, with BTC and ETH leading a broader surge. This bullish momentum has pushed the Fear and Greed Index into Extreme Greed, suggesting a likely bearish correction after sustained highs.

US500 remains bullish but is approaching resistance levels, signaling a potential correction.

DXY is strengthening but remains within a channel, with bears positioned to take control on a downward break.

Gold shows long-term bullish trends, yet a break above $2,725 is necessary for momentum to continue upward.

USDT.D could see a short-term correction, which would benefit the crypto market if the bearish channel remains intact.

BTC reached new highs but may correct if it fails to break $82,000.

ETH’s bull run began with a breakthrough above $3,000, with $3,500 as the next target.