Weekly Analysis of BTC, ETH, and the Stock Market (Nov 4, 2024)
An overview of BTC, ETH, XAUT, and S&P500 charts, and the current cryptocurrency market dynamics.
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Bitcoin (BTC)
Last week, Bitcoin attempted to reach a new all-time high but was unable to hold above $73,000. The correction has left Bitcoin trading between the support zone of $67,200–$68,200 and the resistance zone of $71,000–$72,200.
The most likely scenario is a renewed rally with a retest of the ATH zone. However, the upcoming U.S. elections could trigger a “sell the news” event, where widespread anticipation of growth leaves market makers with little choice but to initiate a substantial shakeout.
A short-term dip into the $63,000–$64,300 buyer zone remains possible, presenting a potential buying opportunity for BTC at a discount.
BTC/USDT H4 Chart
Ethereum (ETH)
ETH buyers have historically shown less strength than BTC bulls. Currently, ETH is trading within a narrow range between support at $2,410–$2,460 and resistance at $2,560–$2,640.
A breakout will likely depend on Bitcoin’s direction. If the uptrend continues, ETH could reach a local high of around $2,722.
However, a dip below $2,400 would signal a potential shift toward a short-term downtrend.
ETH/USDT H4 Chart
S&P 500 (SPX)
Last week, the S&P 500 continued its global uptrend, closing at $5,728 and sparking hope among buyers for a brief correction, creating entry opportunities for those yet to enter the market.
A correction toward support in the $5,400–$5,600 range could also be influenced by the U.S. elections, which are expected to catalyze volatility within the S&P 500 stocks.
SPX W1 Chart
Tether Gold (XAUT)
Gold continues its strong upward momentum without any corrections, as buyers prevent the price from falling into support zones and drive continuous new highs.
However, this week is likely to bring increased volatility across the entire market, including Tether Gold.
Potential buying opportunities for XAUT could be considered in buyer zones at $2,715–$2,737, $2,656, and $2,585–$2,620.
XAUT/USDT D1 Chart
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
Bitcoin’s dominance over other assets remains high, exceeding 60%. Interest in alternative coins is still low among most investors, causing the BTC dominance index to grow steadily without major corrections.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index is currently at 24, indicating low interest in altcoin purchases and limited investor expectations for significant gains in altcoins.
Altcoin Season Index. Source: blockchaincenter.net
Meanwhile, the Fear and Greed Index is at 70, staying in the “Greed” zone for several weeks. This suggests that buyers are poised to invest but may be waiting for a major market signal, potentially the upcoming U.S. elections.
Fear and Greed Index. Source: alternative.me
Economic News
Alongside the U.S. presidential election on November 5, this week will bring several key macroeconomic updates:
- U.S. Services PMI (Tuesday, November 5)
- U.S. Crude Oil Inventories (Wednesday, November 6)
- Initial Jobless Claims and the Fed’s Interest Rate Decision (Thursday, November 7)
The next five days will be crucial for the global economy and are expected to impact cryptocurrency prices significantly. It may be wise to avoid aggressive trading during this period or, at minimum, to reduce risk exposure.
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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