Bitcoin (BTC) sought to stress $35,000 on Nov. 4 as weekend markets continued to consolidate higher.
BTC/USD 1-hour chart. Supply: TradingView
“Important” occasion units up BTC worth upside
Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC worth help holding after the tip of Wall Road trading.
The biggest cryptocurrency noticed a revisit of intraday lows the day prior, however $34,000 efficiently handed the check as a short-term BTC worth ground.
#Bitcoin has been above $34k for 11 days now.
Wholesome accumulation zone.
— James V. Straten (@jimmyvs24) November 4, 2023
After almost hitting $36,000 through the week, Bitcoin was nonetheless a favourite for merchants eyeing potential upside continuation.
In his newest video replace on the day, standard dealer Credible Crypto advised {that a} journey previous $35,000 was the logical subsequent step.
Importing Elliott Wave evaluation to X, Credible Crypto revealed three key ranges to look at: $34,314, $34,714 and $35,119, forming the vary low, midrange level and high, respectively.
“The important thing factor right here is that we’ve impulsed above the midrange and now we need to see if we are able to maintain that as a reclaim,” he defined.
“In that case, what we’ve primarily achieved right here is reclaimed the midrange for continuation up. Moderately than a transfer off the vary lows, we’re making a transfer off the midrange.”
BTC/USD chart with vary ranges. Supply: Credible Crypto/X
Credible Crypto added that sturdy quantity — a “important occasion” — was serving to trajectory, together with a scarcity of need to sell at present ranges.
Merchants notice key draw back ranges
Persevering with on how the weekend and weekly shut might form up, Daan Crypto Trades famous the proximity of the CME Bitcoin futures Nov. 3 closing worth.
Associated: Bitcoin to the moon! High 5 BTC worth predictions for 2024 and past
#Bitcon Let’s have a look at how the weekend will do that time round.
Been saying this each week however keep in mind that throughout a robust development, the likelihood of worth creating a spot and never closing it instantly, is way higher than throughout a uneven market. pic.twitter.com/czqKbPXDg1
— Daan Crypto Trades (@DaanCrypto) November 4, 2023
As Cointelegraph reported, CME futures “gaps” have been closed round BTC spot worth, with a significant exception close to $20,000 forming one part of the bearish thesis that requires a return to these ranges within the coming months.
Fellow dealer Jelle in the meantime famous the 200-period exponential transferring common (EMA) appearing as a key help line on 1-hour timeframes.
#Bitcoin is retesting the 1h 200 EMA for the primary time in 18 days, 25% higher than the final retest.
MAs have caught as much as worth, subsequent leg higher after the weekend? pic.twitter.com/PdwPIzHNk0
— Jelle (@CryptoJelleNL) November 3, 2023
“Shedding $34,100 is the place i’ll search for a hedge quick towards my lengthy place,” Crypto Tony informed X subscribers in an replace on his personal market navigation.
“And can be splendid for anybody in search of a brand new entry I stay in my lengthy although whereas we maintain above $33,000.”
BTC/USD annotated chart. Supply: Crypto Tony/X
This text doesn’t include funding recommendation or suggestions. Each funding and trading transfer includes danger, and readers ought to conduct their very own analysis when making a call.