Bitcoin bulls defend $34K as trader predicts next BTC price ‘push’
Bitcoin (BTC) looked to pressure $35,000 on November 4 as markets continued to rally over the weekend.
The “significant” event kept BTC's price high
Data from Cointelegraph Markets Pro and TradingView showed that BTC price support held after the close of Wall Street trading.
The biggest cryptocurrency intraday saw a bearish retracement but successfully breached the $34,000 test, the short-term BTC price floor.
#Bitcoin has now been above $34k for 11 days, a healthy rally zone.
— James V. Straten (@jimmyvs24) November 4, 2023
After coming close to hitting $36,000 earlier in the week, Bitcoin was still a favorite for traders looking for upside.
In his latest video update of the day, popular trader Credible Crypto suggests that a move past $35,000 is a logical next level.
Uploading the Elliott Wave analysis to X, Credible Crypto revealed three key levels: $34,314, $34,714, and $35,119, which are the low, midpoint, and high, respectively.
“The main thing here is that we've been pushed above the mid-range and now we want to see if we can get that back,” he explained.
“If that's the case, what we've done here is get the medium back in order to continue. We are making a move to move out of the average range rather than a low out of the range.
Credible Crypto added that strong volume – “an important event” – was helping the trend, with no desire to sell at current levels.
Traders will notice the low levels of the key
Following on from how the weekend and weekly closes are shaping up, Daan Crypto Trades looks at the close of the CME Bitcoin futures November 3 closing price.
Related: Bitcoin to the Moon! Top 5 BTC price predictions for 2024 and beyond
Let's see how #Bitcon weekend does this time.
I've been saying this every week, but keep in mind that the chances of a price gap forming during a strong trend and not closing immediately are much higher than in an uptrend. pic.twitter.com/czqKbPXDg1
— Daan Crypto Trades (@DaanCrypto) November 4, 2023
As Cointelegraph reports, CME futures “gaps” have closed around BTC spot prices, with the main exception being near $20,000, part of Driesch's thesis that calls for a return to those levels in the coming months.
Colleague Jelle, on the other hand, said that the 200-time exponential moving average (EMA) acts as a key support line on the 1-hour timeframe.
#Bitcoin is retesting the 1h 200 EMA for the first time in 18 days, 25% higher than the previous retest.
MAs price held up, the next leg higher after the weekend? pic.twitter.com/PdwPIzHNk0
— Jelle (@CryptoJelleNL) November 3, 2023
“Losing $34,100 is where I need to short hedge against my long position,” Crypto Tony told X subscribers in an update on his own market research.
“And I'll be in my long run when we're over $33,000. It's perfect for anyone looking for a new entry.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
