Weekly Analysis of BTC, ETH, and the Stock Market (28.10.2024)
An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.
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Bitcoin (BTC)
On the daily timeframe, Bitcoin appears ready to push toward new highs. For almost a week, the leading cryptocurrency has been trading near the $70,000 resistance level, suggesting that this price point may be the next target for buyers.
If BTC successfully establishes support above $70,000, there will be little to prevent it from setting a new all-time high.
Additionally, based on fundamental factors—namely, the upcoming U.S. presidential election—this could potentially happen after November 5.
Should a correction occur, Bitcoin may drop to the support range between $60,700 and $62,800, where buyers are likely to re-enter within the overall upward trend.
BTC/USDT D1 Chart
Ethereum (ETH)
Ethereum buyers are showing weakness for now. Last week’s slight correction had a significant negative impact on ETH, keeping it in a sideways range between the support zone at $2,430–$2,470 and the resistance zone at $2,535–$2,565.
A sustained break above the resistance zone and a successful test of the next selling level at $2,619 could signal the resumption of an uptrend for Ethereum.
ETH/USDT H4 Chart
S&P 500 (SPX)
The major stock index is continuing its upward movement. Last week, it reached a new all-time high at $5,878, followed by a brief correction.
The index might temporarily dip to the $5,400–$5,600 range, potentially creating an ideal point for entering new long positions.
SPX W1 Chart
Tether Gold (XAUT)
Gold, moving in line with stock indexes, has shown no signs of correction for those looking to buy at a discount. Last week, XAUT reached a historic high of $2,868, even surpassing the physical gold price.
The $2,585–$2,620 support zone is an attractive range for accumulating long positions, with the likelihood of a deeper correction currently appearing very low.
XAUT/USDT D1 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
The BTC dominance index has once again hit a three-year high, reaching 59.75%, showing that crypto investors are prioritizing Bitcoin over altcoins.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index remains low at 31, with no positive shifts toward altcoins at present.
Altcoin Season Index. Source: blockchaincenter.net
The Fear & Greed Index, now in the “Greed” zone for the second consecutive week at 72 points, suggests that investors may soon start viewing altcoin discounts as attractive opportunities.
Fear and Greed Index. Source: alternative.me
Economic News
Upcoming macroeconomic updates include:
- Tuesday, October 29: U.S. Consumer Confidence Index and Job Openings data
- Wednesday, October 30: U.S. ADP Non-Farm Employment, Crude Oil Inventories, and Q3 GDP
- Thursday, October 31: U.S. Initial Jobless Claims
- Friday, November 1: U.S. Unemployment Rate, BLS Non-Farm Employment, and Average Hourly Earnings
While these updates are unlikely to have a significant impact on the crypto market, they may lead to temporary volatility—something to consider when opening new trades.
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
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