Weekly Analysis of BTC, ETH, and the Stock Market (21.10.2024)

Bitcoin (BTC)

Last week, Bitcoin continued its upward momentum, briefly testing the $69,600 level before undergoing a slight correction. The key resistance zone lies between $68,400 and $69,200. A successful breakthrough in this range could pave the way for Bitcoin to reach a new all-time high (ATH).

While a deep correction seems unlikely, a temporary dip could occur. The current support zone is expected around $63,000–$64,300, where buyers will likely step in. 

However, even a minor drop may cause some pain for altcoins. 

A more significant correction could signal a trend reversal if Bitcoin dips into the $60,000–$61,000 range.

BTC/USDT H4 Chart

Ethereum (ETH)

Ethereum is currently trading in the resistance zone between $2715 and $2850. Breaking through this range could indicate further gains, with the next target set at $3000.

However, a new ATH is still far off, as the previous high remains significantly above.

In the event of a correction, Ethereum could fall to the buyer's zone at $2434 and a support range of $2150–$2320, where a rebound is expected.

ETH/USDT H4 Chart

S&P 500 (SPX)

Last week, the S&P 500 hit another all-time high, reaching $5878. The index is trading within an upward channel, and a breakout beyond this range seems unlikely in the short term.

In case of a correction, accumulating the asset and opening long positions within the $5400–$5600 range could be a favorable strategy. However, the overall market sentiment remains positive, making a correction less likely at the moment. 

Potential triggers for a future decline could be U.S. elections or other fundamental factors, such as quarterly earnings reports from S&P 500 companies.

SPX W1 Chart

Tether Gold (XAUT)

Tether Gold continues its strong upward momentum, regularly hitting new all-time highs (ATH). As the asset has never been priced this high before, identifying a clear resistance zone is challenging. 

However, any correction should be viewed as a potential buying opportunity, particularly within the support range of $2585–$2620.

XAUT/USDT D1 Chart

BTC Dominance, Altcoin Season Index, and Fear and Greed Index

Last week, Bitcoin dominance reached a three-year peak, climbing above 59% before correcting slightly to 58.41%. Some altcoins experienced growth, but on a larger scale, the situation remains unfavorable for them, with Bitcoin continuing to be the top choice for investors.

BTC Dominance Index. Source: tradingview.com

The Altcoin Season Index is currently at 35, reflecting the ongoing weakness of altcoins. Any gains seen by individual altcoins are quickly wiped out by Bitcoin’s market corrections.

Altcoin Season Index. Source: blockchaincenter.net

For the first time in several months, the Fear and Greed Index surpassed 72 (“Greed”). Buyers are showing renewed interest in cryptocurrencies, but sustained positive momentum will only be evident if the index remains elevated over several months.

Fear and Greed Index. Source: alternative.me

Economic News

Key economic updates this week include:

• U.S. crude oil inventories and existing home sales (Wednesday, October 23);
• Initial jobless claims, manufacturing and services PMI, and U.S. new home sales (Thursday, October 24).

While these events may not directly impact the crypto market, they could trigger increased volatility, so they are worth monitoring.

Check out GNcrypto 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 GNcrypto:

• TOP 5 Useful Chart Analysis Tools on TradingView
• How Are Trading Volumes Useful in Cryptocurrency Analysis?
• Candlestick Patterns: Types and How They Work in Trading
• The Most Popular Chart Patterns for Crypto Trading