BITCOIN MARKET UPDATE 28.NOV.2024
Hello and welcome to today's BTC/USD market forecast for November 28, 2024, brought to you by Algo-Fund.com, your trusted partner in advanced trading strategies.
On the 4-hour timeframe, Bitcoin is showcasing a strong bullish trend with consistent higher lows and a robust upward momentum. Recent pullbacks have been minor and were quickly absorbed by buyers, signaling continued strength in the market. Oscillators show that the market has bounced from oversold levels, aligning with a bullish divergence.
The critical level to watch here is $96,200—breaking above this could confirm further upside potential.Zooming into the 30-minute timeframe, we observe slight bearish divergences at the recent highs, indicating a potential slowdown in momentum. However, the overall trend remains intact, with strong buyer support between $94,000 and $94,500. Traders should be cautious of minor pullbacks but watch for a breakout above $96,800 to confirm bullish continuation.
On the daily chart, Bitcoin remains above the critical support level of $93,500, which aligns with a previous resistance-turned-support zone. The market is approaching overbought conditions on the stochastic indicator, suggesting a possible short-term consolidation. However, as long as Bitcoin holds above $92,500, the macro-trend remains bullish. Based on our integrated system, we anticipate a potential cycle top forming near $98,700 in the coming days.
Key levels for today:
Resistance: $96,800, $98,700, and the psychological barrier at $100,000.
Support: $93,500, with stronger backing at $92,000 and $89,500 in case of corrections.
Looking at the weekly outlook, Bitcoin faces significant resistance at the $100,000 level. Historically, breaking this threshold has led to exponential growth. Whale activity and on-chain data indicate heavy accumulation in the $92,000–$94,500 range, providing a solid foundation for continued bullish movement.
To summarize, Bitcoin is on a strong trajectory, with short-term targets of $96,800 to $98,700 and mid-term potential to break above $100,000.
As always, manage your risk and stay informed with Algo-Fund.com for the latest market updates and professional trading strategies. Thank you for watching, and we’ll see you tomorrow for another market update. Happy trading!