BTC, ETH, and Stock Market Weekly Analysis – November 25, 2024
A detailed look at BTC, ETH, XAUT, the S&P 500, and the broader trends shaping the cryptocurrency market this week.
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Bitcoin (BTC)
Bitcoin is nearing the landmark $100,000 level, a critical psychological threshold for the market. How buyers and sellers react here will signal the true resilience of the ongoing bullish trend.
If BTC fails to break $100,000 on the initial attempt, a correction toward $94,700–$95,800 may follow. The $90,000–$90,500 range could act as the next significant support zone if selling pressure intensifies.
Above $100,000, the market enters unfamiliar territory. Will the existing supply on exchanges satisfy the surging demand, or will a supply squeeze spark an even greater rally? The answers lie ahead.
BTC – H2 Timeframe Analysis
Ethereum (ETH)
Ethereum has successfully breached resistance levels, entering the critical seller zone at $3,518–$3,560. This range will determine whether the bullish trend can sustain itself and push prices higher.
If buyers remain in control, ETH is poised to reach the next resistance at $3,650, potentially setting a new local peak. This scenario is supported by Bitcoin’s ongoing strength.
In the event of a correction, ETH may test the support levels at $3,352 and $3,190–$3,280, where long positions could be reconsidered.
H1 Chart – Ethereum
S&P 500 (SPX)
The S&P 500 remains firmly in its upward trend, but buyers are navigating through hurdles. Last week’s correction to $5,860 hasn’t provided enough movement for profit-taking, nor does it create an ideal buying opportunity.
New highs are still the most likely outcome. Long positions could be considered in the $5,600–$5,750 range, with the goal of surpassing the index’s historic high.
SPX Weekly Chart Insights
Tether Gold (XAUT)
After finding strong support at $2,510–$2,560, gold prices have resumed their climb. XAUT is now navigating the critical resistance range of $2,690–$2,750, with the outcome here set to reveal the sustainability of the current rally.
A successful breakout above this range could lead to a fresh all-time high, with gold potentially approaching the $3,000 mark by the end of the year.
In case of a pullback, support levels at $2,510–$2,560, $2,462, or $2,402 could come into play once again.
XAUT Daily Chart Analysis
Market Update: BTC Dominance, Altcoin Momentum, and Fear & Greed Indices
BTC dominance has slightly pulled back to 58.91% after reaching a three-year peak. This could pave the way for altcoins to gain traction, as liquidity starts to flow into alternative assets alongside Bitcoin’s growth.
BTC Dominance Index. Source: tradingview.com
The Altseason Index is at 49, its highest in six months, indicating growing altcoin activity. Certain altcoins have posted impressive returns of 100–200%, driving BTC’s dominance lower.
Altseason Index. Source: blockchaincenter.net
The Fear & Greed Index has reached 82, signaling “Extreme Greed.” Investors are actively pouring funds into cryptocurrencies, significantly increasing market liquidity.
Fear & Greed Index. Source: alternative.me
This Week’s Economic Highlights
This week’s macroeconomic agenda features the following key events:
- Tuesday, November 26: Consumer Confidence Index, U.S. new home sales data, and FOMC meeting minutes.
- Wednesday, November 27: U.S. Q3 GDP report, initial claims for unemployment benefits, crude oil inventory levels, and the core PCE price index.
While Tuesday and Wednesday might bring heightened volatility, no game-changing occasions are expected for the crypto market this week.
Explore live crypto rates and technical analysis on The Coinomist.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Educational Resources
Check out The Coinomist’s collection of educational resources and articles aimed at enhancing your technical analysis abilities:
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