Greetings to you on the crypto site. My name is Viktor and today I will share my opinion about #bitcoin, #btc-usdt, using the TradingView service, here Bitcoin Forecast for the Week of 4-11-2024
Bitcoin Forecast
Crypto market forecast for November 4, 2024: indicators, analytics and expectations
I wish you successful crypto investing. Today, November 4, 2024, we will look at the state of the cryptocurrency market with a focus on Bitcoin, altcoins and general market indicators. We will review the current state of the fear and greed index, analysis of indicators for Bitcoin, as well as the impact of geopolitical events such as the US election.
Political events and their impact on the market
As you know, the world’s attention is currently focused on the US presidential election. The situation on the market will remain unpredictable until the end of the vote count. Against this background, I decided not to give long-term forecasts, since both political forces have strong financial support. I personally support Kamala Harris, as her position on supporting Ukraine seems consistent and decisive.
Fear and Greed Indicators: What Does It Mean for Bitcoin?
Today we have two key indicators of fear and greed: one shows 50%, the other 70%. This means that the market as a whole is in a neutral zone, but with a bias towards greed. The greed indicator has increased significantly, indicating a growing interest in assets, particularly Bitcoin, even in relatively risky conditions.
Also, looking at the Stock-to-Flow indicator, we can assume that the long-term trend for Bitcoin remains bullish, but in the short-term we should expect corrections. This is a good time for those looking for pullback buying opportunities.
An Analysis of the Gold Market and Its Impact on Bitcoin
Currently, gold is showing signs of a possible slowdown in growth. A green candle in October and a red candle in November indicate the probability of a correction. This, in turn, could provide a boost for Bitcoin, which historically has often picked up after gold prices weaken.
On the daily and weekly charts, we can see that trading volumes are increasing, but the “momentum” indicator is starting to turn downwards, which may indicate the end of gold’s rally and a gradual transition of interest to Bitcoin.
Summary and upcoming forecasts
At the beginning of November, we are in a state of market uncertainty, but with a high probability, after the stabilization of the political situation in the USA, we can expect the recovery of market activity. On the charts of Bitcoin, the indicators show areas of high liquidity around $67-69k, which could be the next level of support. This could be a point for potential upside if the market confirms its intentions to move up.
Keep following the market and updates on Discord where we discuss details and share thoughts. Remember that the best investment decisions are based on deep analysis and understanding of the market.
- Дивитись відео: Біткоїн — Прогноз на Тиждень, 04-11-2024.
