BITCOIN MARKET UPDATE 20.NOV.2024
Good morning, and welcome to today’s Bitcoin market update for November 20, 2024. Bitcoin is currently trading at $92,755. Let’s break down the latest market movements, system insights, and what to watch for in the days ahead!
On the 4-hour chart, Bitcoin is forming a consolidation range after recent bullish momentum. The VWAP has started turning upward, suggesting a potential bounce toward $94,000.
The 30-minute chart highlights a pullback to $91,500, which is being absorbed by strong buying interest. Momentum waves indicate bullish divergence, signaling the potential start of a new upward leg.
On the daily timeframe, the trend remains intact, with higher lows being formed. A breakout above $93,200 could open the door for a surge toward $95,000.
Our Pi Cycle analysis confirms support at $91,000, while the Elliott Wave count suggests we’re nearing the end of Wave 4, with Wave 5 targeting $96,500.
Spider lines show resistance at $93,200 and $95,500. A clean break above $93,200 would signal continuation, with the Wyckoff phase analysis confirming a healthy markup phase.
On-chain metrics remain strong, with a rise in active addresses and transaction volumes. Whale activity indicates significant accumulation at $91,500, reinforcing this as a key support level.
Additionally, futures market data reveals rising open interest, while funding rates remain neutral, signaling a balanced market poised for further gains.
Looking at the weekly chart, Bitcoin is breaking out of a bullish flag pattern, with potential upside targets at $96,500 and $100,000.
On the monthly chart, we see continued strength as Bitcoin pushes through major resistance zones. If $91,000 holds during corrections, Bitcoin is on track for a test of the $100,000 psychological level by December.
In conclusion, Bitcoin remains in a strong uptrend, with key levels to watch at $93,200 and $95,500. Stay tuned for updates as we track this exciting market.
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