BITCOIN MARKET UPDATE 19.NOV.2024

Welcome to your Bitcoin market update for November 19, 2024! I'm here to break down the latest trends and forecasts for BTC/USDT. The current price is $91,915, and we’re seeing some exciting movements across all timeframes. Let’s dive in!

Short-Term Analysis

Let’s start with the short-term perspective. On the 30-minute chart, Bitcoin is consolidating after a strong push to $92,500. Momentum oscillators indicate a potential pullback to $91,000, a key support zone, before testing higher levels.Moving to the 4-hour chart, we’re observing Bitcoin completing a Wave 4 correction, with Wave 5 gearing up for a breakout. Key levels to watch: support at $90,500 and resistance at $92,500. If the resistance breaks, we could see a rapid move to $94,000.

Mid-Term Forecast (Daily Chart):Zooming out to the daily timeframe, Bitcoin remains in a strong markup phase. The recent breakout above $90,000 confirms bullish momentum. Key support levels lie at $88,000 and $86,500, while resistance at $94,000 and $96,000 will be critical to watch. Indicators like the Pi Cycle MAs suggest more upside, aligning with historical breakout patterns in similar market conditions.

Long-Term Outlook (Weekly Chart):Now, let’s take a step back and look at the weekly chart. Bitcoin has reclaimed the $90,000 level, entering a robust bullish structure. Wyckoff analysis highlights a markup phase with major accumulation seen at $86,000. If BTC clears $94,000 decisively, the path to $100,000 opens up, with significant resistance at $98,000.

System Integration and Key Forecast Levels:Our proprietary system integrates the following for this forecast:

• On-Chain Analysis: On-chain metrics show increasing network activity and a spike in active addresses. Whale wallets have been accumulating significant amounts of BTC, confirming strong institutional interest.
• Whale Activity: Large buy orders around $90,000 have reinforced key support zones. Monitoring these levels will be critical for confirming bullish continuation.
• Elliott Waves: We’re moving into Wave 5 on the 4-hour chart, which could lead to a breakout.
• Wyckoff Phases: Confirming a bullish markup phase.

Let’s summarize the forecast:

Segment 5: Forecast SummaryHost:"Here’s what we expect for BTC/USDT:

• Short-Term (Next 1–3 Days): Pullback to $91,000, followed by a breakout to $94,000.
• Mid-Term (Next 1–2 Weeks): Continued bullish momentum targeting $96,000.
• Long-Term (Next 1–3 Months): A push toward $100,000 if $94,000 is decisively broken.

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