For traders, $100,000 is not merely a psychological level but a key reference point for taking profits, hedging, or structuring reversal trades on lower timeframes. While this milestone once seemed inevitable (2021) and later impossible (2022), November 2024 has reignited optimism, confirming the resilience and potential of Bitcoin\u2019s long-term bull cycle.<\/p>\n\n\n\n
Bitcoin <\/h2>\n\n\n\nThe Monthly<\/em> chart of Bitcoin <\/h3>\n\n\n\n![\"monthly](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/20241130-BITCOIN-REPORT.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nThe monthly chart displays a powerful\u00a0bull breakout\u00a0from a tight\u00a0trading range. November\u2019s bar has decisively breached prior price levels, confirming a second\u2014and arguably third\u2014leg up from Bitcoin\u2019s 2022 low. Historically, multi-leg moves often lead to some sideways price action. <\/p>\n\n\n\n
The\u00a0psychological resistance\u00a0at $100,000 remains a pivotal factor. Since Bitcoin\u2019s $20,000 peak in 2017, this level has been discussed, which incites profit taking. Such profit-taking may introduce\u00a0selling pressure, which may trigger a retracement toward the breakout point around $75,000. Nevertheless, traders should remain cautious of expectations; Bitcoin holders might avoid selling, keeping the upward momentum intact.<\/p>\n\n\n\n
From a technical perspective, a\u00a0measured move target\u00a0based on the 2021 high and 2022 low suggests a bullish projection near $120,000. If the price overcomes resistance at $100,000, it could approach this level. A failure to continuing rising, might conduce the price towards $65,000 area of agreement. Regarding the bull-term expectation, traders will monitor the\u00a0last major higher low\u00a0near $50,000. Unless this level is breached, the monthly chart remains bullish.<\/p>\n\n\n\n
It\u2019s important to note that while Bitcoin has previously displayed\u00a0over extended climatic bull trends, the presence of institutional players introduces reduced volatility, signaling a more controlled ascent or retracement than in prior cycles.<\/p>\n\n\n\n
The Weekly<\/em> chart of Bitcoin <\/h3>\n\n\n\n![\"weekly](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/20241130-BITCOIN-REPORT-1.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nLast week\u2019s report<\/a>, anticipated selling above the previous week\u2019s close or high, with a likelihood of the weekly candlestick closing below these levels. This is what happened at the time of the writing.<\/p>\n\n\n\nThe weekly chart illustrates a strong bull breakout from a six-month\u00a0trading range\u00a0between $50,000 and $70,000. The decisive move above the March 14 all-time high marked a\u00a0market cycle\u00a0shift, initiating a bullish\u00a0trend\u00a0that surged toward the $100,000 level. <\/p>\n\n\n\n
Currently, Bitcoin faces\u00a0resistance\u00a0at this key level, as it aligns with a measured move target, psychological significance, and a doubling of gains for entries around $50,000. This convergence makes $100,000 a focal point for profit-taking and structuring trades with clear statistical metrics.<\/p>\n\n\n\n
This week\u2019s bar is an\u00a0inside bar, forming a\u00a0High 1\u00a0buy setup. However, the preceding bull breakout shows waning momentum, suggesting possible sideways-to-down movement. A strong close above $100,000 would indicate weak resistance, paving the way for further upside. Conversely, a pullback below the prior week\u2019s low or a 33-50% retracement may entice new buyers.<\/p>\n\n\n\n
The Daily chart of Bitcoin <\/h3>\n\n\n\n![\"daily](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/20241130-BITCOIN-REPORT-2.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nThe daily chart reflects a\u00a0bull trend, transitioning into sideways action this week. Before this consolidation, Bitcoin was in a tight bull channel, a\u00a0bull breakout\u00a0seen on higher timeframes.<\/p>\n\n\n\n
While the $100,000 resistance has attracted bears, they need a\u00a0bear breakout\u00a0to confirm a potential reversal, unless they are selling with limit orders, with a behavior explained in more detail within the prior report<\/a>. <\/p>\n\n\n\nThe first bear breakout after a bull trend often is just a transition into a\u00a0trading range, with bears selling near highs after this bear breakout. This is what leads to a\u00a0lower high major trend reversal, a setup that bears are willing to see unfolding.<\/p>\n\n\n\n
The current technical\u00a0stop-loss\u00a0for bulls lies near $68,000, the start of the tight bull channel, which is why profit-taking around $100,000 is sound risk management, by reducing position size, they can maintain the technical stop loss. Bulls may view a retracement to the\u00a0bull climax low\u00a0as a minor correction, preserving the overall trend. <\/p>\n\n\n\n
Only a decisive break below this week\u2019s low or the bull climax low can invalidate the bullish structure.<\/p>\n\n\n\n
Bonus: Crypto Total Market Cap Excluding Bitcoin<\/h2>\n\n\n\nWeekly chart <\/em><\/h3>\n\n\n\n![\"weekly](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/20241130-BITCOIN-REPORT-3.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nThis week, we will check the\u00a0Crypto Total Market Cap Excluding Bitcoin (TOTAL2), as requested in the comments section. Acting as an\u00a0index-like metric, TOTAL2 gauges the sentiment and performance of the altcoin market.<\/p>\n\n\n\n
The TOTAL2 weekly chart activated a bull signal last week, closing above a major\u00a0higher high. While the index has yet to retest its all-time high, altcoin bulls aim for this milestone. Unlike Bitcoin, which has already surpassed its previous highs, TOTAL2\u2019s lagging behavior indicates strength in Bitcoin relative to altcoins, which may give a good opportunity to buy bitcoin against the altcoins that are lagging against the TOTAL2 index. <\/p>\n\n\n\n
Bull momentum trading works in the crypto market, as occurs with stocks. Traders often adopt strategies of\u00a0buying breakouts\u00a0above prior major highs and holding positions until a major\u00a0higher low\u00a0is down crossed (or after prolonged\u00a0trading ranges\u00a0emerge). This is true specially if the altcoins they are buying behave better than TOTAL2, since these coins are the ones that eventually lead this market. Of course, this only works if the general market is going up.<\/p>\n\n\n\n
Thank you for taking the time to read this analysis. Your engagement, insights, and feedback inspire us to provide richer content every week. Please share your thoughts in the comments\u2014whether it\u2019s about Bitcoin\u2019s price action, altcoin strategies, or market dynamics. If you find this report valuable, don\u2019t hesitate to share it with others in your network. Wishing you a wonderful week ahead!<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\nThe monthly chart displays a powerful\u00a0bull breakout\u00a0from a tight\u00a0trading range. November\u2019s bar has decisively breached prior price levels, confirming a second\u2014and arguably third\u2014leg up from Bitcoin\u2019s 2022 low. Historically, multi-leg moves often lead to some sideways price action. <\/p>\n\n\n\n
The\u00a0psychological resistance\u00a0at $100,000 remains a pivotal factor. Since Bitcoin\u2019s $20,000 peak in 2017, this level has been discussed, which incites profit taking. Such profit-taking may introduce\u00a0selling pressure, which may trigger a retracement toward the breakout point around $75,000. Nevertheless, traders should remain cautious of expectations; Bitcoin holders might avoid selling, keeping the upward momentum intact.<\/p>\n\n\n\n
From a technical perspective, a\u00a0measured move target\u00a0based on the 2021 high and 2022 low suggests a bullish projection near $120,000. If the price overcomes resistance at $100,000, it could approach this level. A failure to continuing rising, might conduce the price towards $65,000 area of agreement. Regarding the bull-term expectation, traders will monitor the\u00a0last major higher low\u00a0near $50,000. Unless this level is breached, the monthly chart remains bullish.<\/p>\n\n\n\n
It\u2019s important to note that while Bitcoin has previously displayed\u00a0over extended climatic bull trends, the presence of institutional players introduces reduced volatility, signaling a more controlled ascent or retracement than in prior cycles.<\/p>\n\n\n\n
The Weekly<\/em> chart of Bitcoin <\/h3>\n\n\n\n<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nLast week\u2019s report<\/a>, anticipated selling above the previous week\u2019s close or high, with a likelihood of the weekly candlestick closing below these levels. This is what happened at the time of the writing.<\/p>\n\n\n\nThe weekly chart illustrates a strong bull breakout from a six-month\u00a0trading range\u00a0between $50,000 and $70,000. The decisive move above the March 14 all-time high marked a\u00a0market cycle\u00a0shift, initiating a bullish\u00a0trend\u00a0that surged toward the $100,000 level. <\/p>\n\n\n\n
Currently, Bitcoin faces\u00a0resistance\u00a0at this key level, as it aligns with a measured move target, psychological significance, and a doubling of gains for entries around $50,000. This convergence makes $100,000 a focal point for profit-taking and structuring trades with clear statistical metrics.<\/p>\n\n\n\n
This week\u2019s bar is an\u00a0inside bar, forming a\u00a0High 1\u00a0buy setup. However, the preceding bull breakout shows waning momentum, suggesting possible sideways-to-down movement. A strong close above $100,000 would indicate weak resistance, paving the way for further upside. Conversely, a pullback below the prior week\u2019s low or a 33-50% retracement may entice new buyers.<\/p>\n\n\n\n
The Daily chart of Bitcoin <\/h3>\n\n\n\n<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nThe daily chart reflects a\u00a0bull trend, transitioning into sideways action this week. Before this consolidation, Bitcoin was in a tight bull channel, a\u00a0bull breakout\u00a0seen on higher timeframes.<\/p>\n\n\n\n
While the $100,000 resistance has attracted bears, they need a\u00a0bear breakout\u00a0to confirm a potential reversal, unless they are selling with limit orders, with a behavior explained in more detail within the prior report<\/a>. <\/p>\n\n\n\nThe first bear breakout after a bull trend often is just a transition into a\u00a0trading range, with bears selling near highs after this bear breakout. This is what leads to a\u00a0lower high major trend reversal, a setup that bears are willing to see unfolding.<\/p>\n\n\n\n
The current technical\u00a0stop-loss\u00a0for bulls lies near $68,000, the start of the tight bull channel, which is why profit-taking around $100,000 is sound risk management, by reducing position size, they can maintain the technical stop loss. Bulls may view a retracement to the\u00a0bull climax low\u00a0as a minor correction, preserving the overall trend. <\/p>\n\n\n\n
Only a decisive break below this week\u2019s low or the bull climax low can invalidate the bullish structure.<\/p>\n\n\n\n
Bonus: Crypto Total Market Cap Excluding Bitcoin<\/h2>\n\n\n\nWeekly chart <\/em><\/h3>\n\n\n\n<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nThis week, we will check the\u00a0Crypto Total Market Cap Excluding Bitcoin (TOTAL2), as requested in the comments section. Acting as an\u00a0index-like metric, TOTAL2 gauges the sentiment and performance of the altcoin market.<\/p>\n\n\n\n
The TOTAL2 weekly chart activated a bull signal last week, closing above a major\u00a0higher high. While the index has yet to retest its all-time high, altcoin bulls aim for this milestone. Unlike Bitcoin, which has already surpassed its previous highs, TOTAL2\u2019s lagging behavior indicates strength in Bitcoin relative to altcoins, which may give a good opportunity to buy bitcoin against the altcoins that are lagging against the TOTAL2 index. <\/p>\n\n\n\n
Bull momentum trading works in the crypto market, as occurs with stocks. Traders often adopt strategies of\u00a0buying breakouts\u00a0above prior major highs and holding positions until a major\u00a0higher low\u00a0is down crossed (or after prolonged\u00a0trading ranges\u00a0emerge). This is true specially if the altcoins they are buying behave better than TOTAL2, since these coins are the ones that eventually lead this market. Of course, this only works if the general market is going up.<\/p>\n\n\n\n
Thank you for taking the time to read this analysis. Your engagement, insights, and feedback inspire us to provide richer content every week. Please share your thoughts in the comments\u2014whether it\u2019s about Bitcoin\u2019s price action, altcoin strategies, or market dynamics. If you find this report valuable, don\u2019t hesitate to share it with others in your network. Wishing you a wonderful week ahead!<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\nLast week\u2019s report<\/a>, anticipated selling above the previous week\u2019s close or high, with a likelihood of the weekly candlestick closing below these levels. This is what happened at the time of the writing.<\/p>\n\n\n\n The weekly chart illustrates a strong bull breakout from a six-month\u00a0trading range\u00a0between $50,000 and $70,000. The decisive move above the March 14 all-time high marked a\u00a0market cycle\u00a0shift, initiating a bullish\u00a0trend\u00a0that surged toward the $100,000 level. <\/p>\n\n\n\n Currently, Bitcoin faces\u00a0resistance\u00a0at this key level, as it aligns with a measured move target, psychological significance, and a doubling of gains for entries around $50,000. This convergence makes $100,000 a focal point for profit-taking and structuring trades with clear statistical metrics.<\/p>\n\n\n\n This week\u2019s bar is an\u00a0inside bar, forming a\u00a0High 1\u00a0buy setup. However, the preceding bull breakout shows waning momentum, suggesting possible sideways-to-down movement. A strong close above $100,000 would indicate weak resistance, paving the way for further upside. Conversely, a pullback below the prior week\u2019s low or a 33-50% retracement may entice new buyers.<\/p>\n\n\n\n The daily chart reflects a\u00a0bull trend, transitioning into sideways action this week. Before this consolidation, Bitcoin was in a tight bull channel, a\u00a0bull breakout\u00a0seen on higher timeframes.<\/p>\n\n\n\n While the $100,000 resistance has attracted bears, they need a\u00a0bear breakout\u00a0to confirm a potential reversal, unless they are selling with limit orders, with a behavior explained in more detail within the prior report<\/a>. <\/p>\n\n\n\n The first bear breakout after a bull trend often is just a transition into a\u00a0trading range, with bears selling near highs after this bear breakout. This is what leads to a\u00a0lower high major trend reversal, a setup that bears are willing to see unfolding.<\/p>\n\n\n\n The current technical\u00a0stop-loss\u00a0for bulls lies near $68,000, the start of the tight bull channel, which is why profit-taking around $100,000 is sound risk management, by reducing position size, they can maintain the technical stop loss. Bulls may view a retracement to the\u00a0bull climax low\u00a0as a minor correction, preserving the overall trend. <\/p>\n\n\n\n Only a decisive break below this week\u2019s low or the bull climax low can invalidate the bullish structure.<\/p>\n\n\n\n This week, we will check the\u00a0Crypto Total Market Cap Excluding Bitcoin (TOTAL2), as requested in the comments section. Acting as an\u00a0index-like metric, TOTAL2 gauges the sentiment and performance of the altcoin market.<\/p>\n\n\n\n The TOTAL2 weekly chart activated a bull signal last week, closing above a major\u00a0higher high. While the index has yet to retest its all-time high, altcoin bulls aim for this milestone. Unlike Bitcoin, which has already surpassed its previous highs, TOTAL2\u2019s lagging behavior indicates strength in Bitcoin relative to altcoins, which may give a good opportunity to buy bitcoin against the altcoins that are lagging against the TOTAL2 index. <\/p>\n\n\n\n Bull momentum trading works in the crypto market, as occurs with stocks. Traders often adopt strategies of\u00a0buying breakouts\u00a0above prior major highs and holding positions until a major\u00a0higher low\u00a0is down crossed (or after prolonged\u00a0trading ranges\u00a0emerge). This is true specially if the altcoins they are buying behave better than TOTAL2, since these coins are the ones that eventually lead this market. Of course, this only works if the general market is going up.<\/p>\n\n\n\n Thank you for taking the time to read this analysis. Your engagement, insights, and feedback inspire us to provide richer content every week. Please share your thoughts in the comments\u2014whether it\u2019s about Bitcoin\u2019s price action, altcoin strategies, or market dynamics. If you find this report valuable, don\u2019t hesitate to share it with others in your network. Wishing you a wonderful week ahead!<\/p>\n\n\n\nThe Daily chart of Bitcoin <\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\nBonus: Crypto Total Market Cap Excluding Bitcoin<\/h2>\n\n\n\n
Weekly chart <\/em><\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n