The Elephant In the Room: Bitcoin

Good Tuesday Morning, MPTraders!  November 26, 2024-- Pre-Market Update:  The elephant in the room this AM is Bitcoin, down about 8.5% since it hit an ATH at 99,800 last Friday. 

What now?  Based on my technical setup work, as long as additional weakness is contained within or above support at 87,400 to 91,400, BTC's pattern argues for another upleg that projects next into the 100,000-104,000 target zone. Only a sustained breach of 87,400 will leave BTC vulnerable to a much deeper correction of the "Trump Rally" from 66,900 to 99,800... Last is 92,817...

The setup in COIN (Coinbase) is telling me something similar.  All of the price action since COIN hit its 11/12/24 high at 347.91 represents a high-level bullish digestion period and pattern that, when complete, should resolve itself in another thrust to the upside that projects to 390-410. Only a close beneath 270 will argue that the digestion pattern has morphed into a deeper correction of the September-November advance... Last is 299.75...