Weekly Analysis of BTC, ETH, and the Stock Market (14.10.2024)
An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.
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Bitcoin (BTC)
The past week has been quite successful for the leading cryptocurrency. Bitcoin moved within the range we outlined in the previous analysis and continued its upward momentum today.
The coin is now approaching the $65,400–$66,500 zone. If the upward trend remains strong and buyers manage to break through this range, the next resistance level could be near the psychological mark of $70,000.
At this point, a drop or significant correction seems less likely. However, a retest of the support zone at $59,000–$61,000 or even the $57,800 level could theoretically occur, but with the general market optimism, bullish scenarios dominate for now.
BTC/USDT H4 Chart
Ethereum (ETH)
Ethereum is currently testing the resistance level at $2,530. Further growth is possible if the price holds above this mark. In that case, ETH could rise to the seller’s zone at $2,700–$2,850, with the potential for continuing the upward trend.
At the same time, caution is advised with Ethereum investments, as it has recently lagged behind Bitcoin in growth. If a correction occurs, the asset could fall into the buyer’s zone at $2,150–$2,320, and a breakdown below this level could signal a potential shift to a downtrend.
ETH/USDT H4 Chart
S&P 500 (SPX)
Last week, the S&P 500 index reached a new all-time high of 5,822. The continuation of the uptrend and movement within the ascending channel remains the primary scenario.
However, the upcoming release of various economic indicators this week could lead to a temporary correction in SPX. This correction should be viewed as a buying opportunity, with the 5,500–5,600 range looking particularly attractive for accumulation.
SPX W1 Chart
Tether Gold (XAUT)
Last week, gold retraced to the support zone of $2,585–$2,620, offering traders an excellent opportunity to open long positions, as highlighted in our previous XAUT analysis.
Currently, XAUT is continuing its upward momentum, moving towards a potential new high. With almost no negative sentiment in the market, there’s little to prevent XAUT from hitting another peak.
If a correction occurs, buying opportunities can be considered around the $2,499–$2,500 and $2,355–$2,393 levels.
XAUT/USDT D1 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
Bitcoin's dominance remains steadily high, currently at 58.13%. Altcoins are still underperforming significantly compared to Bitcoin, with only a few exceptions seeing short-term gains.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index sits at 35 points, reinforcing Bitcoin's dominance. Altcoins are not particularly appealing to investors at this time, with select tokens experiencing gains due to specific news triggers.
Altcoin Season Index. Source: blockchaincenter.net
The Fear and Greed Index is near neutral, standing at 48, placing it in the “Fear” category. Buyers are cautious, uncertain about the market’s direction, and are refraining from making bold moves.
Fear and Greed Index. Source: coinstats.app
Economic News
This week’s macroeconomic updates include several key data releases:
- U.S. core retail sales index
- U.S. initial jobless claims
- Philadelphia Fed manufacturing index
- U.S. retail sales and crude oil inventories
These figures will be published on Thursday, October 17, and could temporarily increase market volatility, though they are unlikely to have a lasting effect on cryptocurrency trends.
Check out The Coinomist for the latest cryptocurrency rates and chart analysis.
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.
Initial materials
This analysis was informed by the following educational materials and articles from The Coinomist:
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