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Markets and Prices

by Jamie Redman

9 hours ago



THE LATEST

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   FinanceDEFI | 6 hours ago
 * Since September, 507,000 BTC Sold by Long-Term Holders, Glassnode Data
   RevealsMARKET UPDATES | 8 hours ago


BITCOIN TECHNICAL ANALYSIS: BTC EYES 6-DIGIT RANGE DESPITE RESISTANCE

In the last hour, bitcoin’s price is coasting along between $97,865 to $98,580
on Nov. 29, 2024, after a bullish rally that pushed the market cap to $1.95
trillion. The cryptocurrency’s technical indicators suggest a strong upward
momentum across multiple timeframes, though significant resistance looms near
the $100,000 mark.





BITCOIN

Bitcoin’s (BTC) 1-hour chart reveals a strong uptrend, characterized by higher
highs and higher lows. Recent consolidation around $94,000 to $96,000 broke
upward, fueling the price rally toward $98,000. Buying pressure, evidenced by a
volume spike on the last green candle, suggests continued bullish interest.

Short-term resistance lies at $99,000, a psychological threshold before the
pivotal $100,000 level. Traders seeking entries could aim for pullbacks to the
$96,500–$97,000 zone, with an exit strategy targeting $99,000–$100,000.

BTC/USD – 1H

BTC’s 4-hour chart paints a picture of resilience following a corrective phase.
A double-bottom structure near $90,742 triggered a robust bullish reversal, with
prices now retesting prior highs. Buy volume has steadily increased, indicating
accumulation by market participants.

Key levels to watch include resistance at $98,966 and support at $95,000.
Aggressive traders might capitalize on pullbacks to $96,000–$96,500, while more
conservative entries could await a breakout above $98,966. Exits are advisable
near $99,000 or higher.

BTC/USD – 4H

Bitcoin’s daily chart highlights a sustained uptrend from $66,798 to a recent
high of $98,800. While the rally’s pace has slowed, evidenced by tapering
volume, the upward trajectory remains intact. Resistance between $99,800 and
$100,000 acts as a psychological barrier, while support clusters at
$92,000–$94,000.

Long-term traders may consider buying dips toward support zones, with a view to
holding through a breakout above $100,000. Risk management should focus on
potential corrections near the resistance.

BTC/USD – 1D

The relative strength index (RSI) at 70 remains neutral, as do the Stochastic
(76) and commodity channel index (94). Momentum is bullish, as shown by the
momentum (10) indicator at 6,252, which signals bullishness. Conversely, the
moving average convergence divergence (MACD) level of 5,507 suggests a bearish
signal.

All moving averages (MAs) signal bullish momentum. The exponential moving
averages (EMA) and simple moving averages (SMA) across 10, 20, 30, 50, 100, and
200 periods uniformly indicate buy, reinforcing the broader trend.

Resistance at $100,000 could prompt profit-taking, stalling further gains.
Additionally, declining volume or divergences in momentum could signal weakening
bullish momentum. Traders should remain vigilant for macroeconomic developments
or crypto-specific news that might shift market dynamics.

Strategies vary by timeframe: short-term traders can focus on breakouts or
pullbacks around $96,500–$99,000, while long-term holders should target dips
toward $92,000–$94,000. Stop-loss placements below $94,000 are recommended to
manage risk effectively.




BULL VERDICT:

Bitcoin’s strong upward momentum, combined with robust buy signals from most
moving averages and bullish price action across all timeframes, supports a
bullish outlook. The rally’s approach to the psychological $100,000 resistance
suggests the potential for a breakout, especially if buying interest sustains
and volume increases. Traders and investors should prepare for continued upward
movement while managing risk near key levels.


BEAR VERDICT:

Despite bitcoin’s bullish trajectory, caution is warranted as it approaches the
critical $100,000 resistance. Indicators such as the moving average convergence
divergence (MACD) flashing a sell signal and declining volume on the daily chart
highlight the possibility of a slowdown or correction. A break below $94,000
could reverse the current trend, signaling a potential bearish pivot.

TAGS IN THIS STORY

Bitcoin Price, BTC






BITWISE CIO: 'VALUE' BUYERS SET TO DIMINISH BITCOIN VIOLENT PULLBACKS

Markets and Prices | 12 hours ago

ROBERT KIYOSAKI SHARES $500K BITCOIN FORECAST — HOW IT COMPARES TO OTHER BTC
PREDICTIONS

Markets and Prices | 23 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons





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IN CASE YOU MISSED IT

Curve Finance Launches L2 Dex Leveraging Taiko’s Based Rollup Tech

Curve Finance has launched Curve-Lite, a decentralized exchange (dex) powered by
the Ethereum layer two (L2) scaling solution Taiko, emphasizing scalability and
cost-effectiveness for decentralized finance (defi) users. Curve-Lite: A
Scalable Defi Solution Debuts on Taiko Curve Finance has introduced… read more.


DOGE NEARS 50 CENTS AS MEME COINS DOMINATE


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TREZOR SEES RECORD SALES WEEK AS BITCOIN APPROACHES $100K


XRP ROCKETS TOWARDS $2 AS BULLISH MOMENTUM SURGES


HYPE MANIA: HYPER FOUNDATION DROPS $1.74B AIRDROP ON DECENTRALIZED FINANCE


AEON INTRODUCES AUTHORIZATION PAYMENTS, TRANSFORMING EVERYDAY TRANSACTIONS WITH
TON


SINCE SEPTEMBER, 507,000 BTC SOLD BY LONG-TERM HOLDERS, GLASSNODE DATA REVEALS



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