{"id":6708,"date":"2024-11-20T07:00:45","date_gmt":"2024-11-20T07:00:45","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=6708"},"modified":"2025-05-13T07:01:00","modified_gmt":"2025-05-13T07:01:00","slug":"bitcoin-nov-2024-2","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/chart-of-the-day\/bitcoin-nov-2024-2\/","title":{"rendered":"Bitcoin Greed Index 90: Correction Risks Grow with New Patterns"},"content":{"rendered":"\n<p>Bitcoin formed a new All-Time High at $93,905.51 on November 19th, 2024 \u2013 narrowly missing $94,000 but closing above the 1.238 <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/#:~:text=Fibonacci%20extension%20levels%20are%20specific,of%20the%20original%20price%20movement.\">Fibonacci Extension Level<\/a> at $92,391.13.<\/p>\n\n\n\n<p><strong>Bitcoin Daily Chart:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"844\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA.jpg\" alt=\"\" class=\"wp-image-6711\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA.jpg 1600w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-300x158.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-1024x540.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-768x405.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-1536x810.jpg 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>Currently, there is a bearish RSI divergence forming on the daily timeframe, which signals weakening bullish momentum. On the lower timeframes of 1H and 4H, the Bitcoin chart is forming an ascending channel or a <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/rising-wedge-pattern\/\">rising wedge<\/a>.<\/p>\n\n\n\n<p><strong>Bitcoin 4H Chart:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"845\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-1.jpg\" alt=\"\" class=\"wp-image-6713\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-1.jpg 1600w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-1-300x158.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-1-1024x541.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-1-768x406.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-1-1536x811.jpg 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>Paired with these bearish signs is the Bitcoin Fear &amp; Greed Index hitting levels of <em>Extreme Greed <\/em>at 90 yesterday, which increases the risk of a correction.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1306\" height=\"590\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-FNG.jpg\" alt=\"\" class=\"wp-image-6715\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-FNG.jpg 1306w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-FNG-300x136.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-FNG-1024x463.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-FNG-768x347.jpg 768w\" sizes=\"auto, (max-width: 1306px) 100vw, 1306px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Key Factors to Watch on Bitcoin<\/h2>\n\n\n\n<p>With the possibility of a correction looming on Bitcoin, the same possibility is also present for other cryptocurrencies in the market \u2013 such as Ethereum, Solana, Cardano, and even <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/doge-nov-2024\/\">DOGE<\/a>.&nbsp;<\/p>\n\n\n\n<p>It then becomes highly important to monitor the price action of Bitcoin in the coming days or weeks, if you have a vested interest in the performance of cryptocurrencies.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"845\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-2.jpg\" alt=\"\" class=\"wp-image-6717\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-2.jpg 1600w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-2-300x158.jpg 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-2-1024x541.jpg 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-2-768x406.jpg 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/11\/COTD-24.11.20-TA-2-1536x811.jpg 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>Currently, the Bitcoin price is well supported by the 4H-EMA 20, which becomes an even more effective indicator (in this editor\u2019s opinion) when turned into a <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/bollinger-bands\/\">Bollinger Band\u00ae<\/a>. Then, set the Standard Deviation to 1, which allows us to capture deviating moves.<\/p>\n\n\n\n<p>Using this method, we can clearly see that Bitcoin trending higher while being supported by the 4H-EMA 20.<\/p>\n\n\n\n<p>This creates a cluster of technical supports at around the <strong>$90,500 price zone (Support)<\/strong>, which includes the lower trendline of the <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/rising-wedge-pattern\/\">Rising Wedge<\/a> and Ascending Channel.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>4H-EMA 20: Currently acting as trending support, at ~$91,356.83<\/li>\n<\/ul>\n\n\n\n<p>Traders must also be aware that the 1.238 Fib Extension Level at <strong>$92,391.13 will act as<\/strong> <strong>Minor Resistance<\/strong>, alongside the ascending channel\u2019s midline, upper trendline, and the rising wedge\u2019s upper trendline as well.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1.238 Fibonacci Extension Level: $92,391.13<\/li>\n\n\n\n<li>Ascending Channel Midline and Psychological Level: $94,000<\/li>\n\n\n\n<li>New All-Time High: $93,905.51<\/li>\n<\/ul>\n\n\n\n<p>For now, Bitcoin still remains in an uptrend, as long as the 4H EMA-20 is able to continue supporting higher prices.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p><strong><em>You may also be interested in:<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-alchemy-markets wp-block-embed-alchemy-markets\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"9mMPlWeEgm\"><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/oil-november-2024\/\">Global Oil Demand Down: Brent and WTI Dump in Q4?<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Global Oil Demand Down: Brent and WTI Dump in Q4?&#8221; &#8212; Alchemy Markets\" src=\"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/oil-november-2024\/embed\/#?secret=g4nvWcREM9#?secret=9mMPlWeEgm\" data-secret=\"9mMPlWeEgm\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin created a new ATH and hit an extreme greed reading of 90 yesterday. Amidst that, an ascending channel or rising wedge is forming on the 1H and 4H timeframe. Is a correction in play?<\/p>\n","protected":false},"author":159,"featured_media":6709,"parent":0,"comment_status":"closed","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-6708","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitcoin Greed Index 90: Correction Risks Grow with New Patterns - Alchemy Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alchemymarkets.com\/it\/education\/market-insights\/chart-of-the-day\/bitcoin-nov-2024-2\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Greed Index 90: Correction Risks Grow with New Patterns - Alchemy Markets\" \/>\n<meta property=\"og:description\" content=\"Bitcoin created a new ATH and hit an extreme greed reading of 90 yesterday. 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