BITCOIN MARKET UPDATE 22.NOV.2024

Hello, traders and investors! Welcome to today’s Bitcoin market update, brought to you by Algo-Fund.com. It’s the 21st of November, 2024, and Bitcoin is making waves, currently trading at $99,360. Let’s dive into the charts and break down what’s happening in the market today, combining our advanced system tools and technical analysis for an actionable trading plan.

Current Market Overview:On the 30-minute chart, we see consistent bullish momentum. The Market Cipher indicators are showing green money flow and rising momentum waves. However, some resistance is forming near the psychological level of $100,000, a crucial area to watch in the short term.Moving to the 4-hour chart, the bullish trend remains intact, though there are early signs of temporary exhaustion with a few red dots appearing. The VWAP remains positive, which suggests that the overall upward trend is still strong. Key levels to monitor are $98,500 for support and $101,500 for resistance.On the daily chart, Bitcoin is thriving in its uptrend, with sustained green money flow and strong momentum waves. The Pi Cycle indicator confirms we’re still in the bullish markup phase, with no signs of a top forming just yet.

High-Timeframe Outlook:Zooming out to the weekly chart, Bitcoin continues to show higher highs and higher lows. The next significant resistance is around $105,000, while major support is holding firm at $92,000. This aligns with our macro Elliott Wave analysis, suggesting we’re in Wave 5 of the current bullish cycle, targeting $102,500 as the next key level.The monthly chart confirms strong institutional interest, with accumulation zones between $85,000 and $90,000 providing solid long-term support. If Bitcoin breaks and holds above $100,000, the next potential target on this timeframe is $120,000.

On-Chain Analysis and Whale Activity:Our on-chain data reveals increasing whale accumulation between $95,000 and $97,000, reinforcing these levels as critical support zones. Meanwhile, heatmaps indicate strong buy walls at $98,000, with significant sell orders forming just above $100,000.Whale wallets are actively positioning, showing confidence in a continuation of the bullish trend. This aligns with the Wyckoff Markup phase, indicating that the market is preparing for higher levels, with $105,000 as the next major target before a possible transition to a distribution phase.

Trading Plan for Today:For scalpers, consider buying pullbacks near $98,500 with targets at $100,000 and $101,500. Keep tight stop losses below $97,500 to protect against volatility.For swing traders, look to accumulate positions between $96,500 and $97,800 for a longer-term target of $105,000. As always, remember to use proper risk management.If Bitcoin decisively breaks above $100,000, watch for momentum to carry it to $103,500, likely by the end of the week.

Key Levels to Watch:

• Resistance Levels: $100,000, $101,500, and $105,000.
• Support Levels: $98,500, $97,800, and $96,500.

That’s all for today’s Bitcoin market update! As always, stay disciplined and stick to your trading plan. For more detailed analysis and live updates, visit us at Algo-Fund.com. Don’t forget to subscribe and turn on notifications so you never miss a trading opportunity.Thank you for watching, and we’ll see you again tomorrow with more insights and updates. Happy trading!