BITCOIN MARKET UPDATE 18.NOV.2024

Market Overview

Bitcoin is trading at $91,915 as of 08:15 GMT+1, and the market remains in a robust markup phase, driven by strong institutional participation and increasing buying momentum. Let’s break down the key developments across multiple timeframes.

Daily Chart Analysis

On the daily chart:

• Momentum: Indicators continue to signal sustained bullish strength, with rising buying volumes.
• Key Resistance Levels: Bitcoin is targeting $94,500 as the next major hurdle, followed by $98,000 as a critical breakout zone.
• Support Levels: Strong whale activity has created a solid base at $88,000, with additional support at $85,000.

4-Hour Chart InsightsZooming into the 4-hour timeframe:

• Short-Term Momentum: Slight bearish divergences suggest a possible pullback, but overall market sentiment remains bullish.
• Trading Volumes: High volumes during upward movements indicate ongoing buyer demand, reinforcing support at $89,000–$90,000.
• Expect consolidation before Bitcoin attempts to breach the $94,500 resistance level.

30-Minute Chart HighlightsLooking at the 30-minute chart:

• Order Flow: Significant institutional buy orders are concentrated between $90,000–$91,000, creating strong support in this range.
• Short-Term Forecast: A minor pullback to $89,500–$90,000 is possible, but Bitcoin is likely to resume its rally soon after.

System Insights and Confirmation

Our proprietary system analysis reveals:

• Order Flow: Bullish, with consistent large buy orders driving the markup phase.
• Market Cipher Indicators: Green wave formations signal upward continuation on higher timeframes.
• Wyckoff and Elliott Wave Analysis: Bitcoin is firmly in a markup phase, with a potential distribution phase approaching near $94,500–$96,000. Elliott Wave analysis places Bitcoin in Wave 3 of a bullish impulse, with Wave 5 targeting levels beyond $94,500.

Forecast for the Next Top and Bottom

Here’s what we anticipate:

• Next Top: Bitcoin is projected to reach $94,500–$95,500 within the next 2–3 days.
• Next Bottom: A correction to the $89,000–$90,000 range is likely within 3–4 days after the next top, providing a potential re-accumulation opportunity.

Strategy Recommendations

• For Long Positions: Target $94,500 and $98,000, and consider adding positions on pullbacks around $89,500.
• For Short-Term Trades: Scalping opportunities may arise just below $94,500, targeting a short-term dip to $90,000.
• Risk Management: Keep an eye on derivatives market funding rates and open interest to monitor potential liquidation events.

Conclusion

The Bitcoin Market Outlook remains bullish, with the immediate target set at $94,500–$95,500. Short-term dips to $89,000–$90,000 should be seen as buying opportunities, supporting the continuation of the long-term uptrend toward $98,000.Thank you for joining us for today’s Bitcoin Market Update for November 18, 2024. Stay tuned for more insights and actionable strategies in the coming days!