BITCOIN MARKET UPDATE 21.NOV.2024

Hello, traders! Today is November 21, 2024, and Bitcoin is currently trading at $96,940. Welcome to your daily BTC/USDT market update! Let's dive into the charts and forecast for today and the coming days.

In the short term, Bitcoin is consolidating just below the key resistance level of $97,500.

• On the 30-minute chart, we're seeing bullish divergence in momentum indicators, signaling potential upward continuation.
• On the 4-hour chart, Bitcoin is testing an important resistance zone, with stochastic oscillators indicating slight overbought conditions.

Key levels to watch:

• Support: $95,000 and $92,000.
• Resistance: $97,500 and $99,000.

For scalpers, this range provides excellent opportunities. Look for entries around $96,500 with targets near $97,500.

On the daily timeframe, Bitcoin's bullish trend remains strong.

• We're in a parabolic phase, and Fibonacci extensions point to the next key level at $100,000.
• Whale activity is evident around the $93,000 support zone, with strong accumulation suggesting confidence in further upward movement.

Key mid-term levels:

• Support: $93,000 and $90,500.
• Resistance: $100,000 and $102,000.

This phase offers swing trade opportunities. Buy dips near $93,000, targeting $97,500 and $100,000.

Zooming out to the weekly chart, Bitcoin continues its strong uptrend.

• We're nearing the top of an ascending channel. Breaking $97,500 could push Bitcoin to $110,000 in the coming weeks.
• Elliott Wave analysis indicates we are in Wave 3 of a bullish cycle, with further growth expected before retracement.

The planetary cycle analysis aligns with these predictions, highlighting a potential market peak around $100,000-$102,000 in the next 7 days.

Here’s your trading strategy for today:

1. Scalping: Trade within the $96,500-$97,500 range. Look for momentum entries and quick exits.
2. Swing Trades: Accumulate positions on dips near $93,000, aiming for $97,500 and $100,000.
3. Long-Term HODL: Continue holding for targets at $110,000, with stops below $92,000 to manage risk.

Keep an eye on whale activity and on-chain metrics for any significant market moves.

Bitcoin's momentum remains strong, with $100,000 on the horizon. Stay disciplined, follow your strategy, and keep monitoring key levels.Thanks for tuning in to today’s update. Happy trading, and let’s make this a profitable day!