Bitcoin bulls hold firm at weekly close: BTC eyes $39.3k
Bitcoin (BTC) was held to the weekly close of $38,000 on November 26 as traders boosted their bullishness on the price of BTC.
Bitcoin buyers don't give bears room to move.
Data from Cointelegraph Markets Pro and TradingView showed a typically flat weekend for Bitcoin, with classic volatility yet to hit as the weekly close approaches.
#Bitcoin straight and slow weekend.
Usually volume/volatility picks up a bit later today. pic.twitter.com/T9sXbJ2c6d
— Daan Crypto Trades (@DaanCrypto) November 26, 2023
After setting new 18-month highs in recent days, some have argued that the biggest cryptocurrency has shown encouraging signs to continue higher.
Among them was prominent trader and analyst Credible Crypto, who eyed buyers to take any selling near the area's highs.
With open interest (OI) derivatives markets remaining low and demand unchanged, the stage may be set for the next high move.
A post on X (formerly Twitter) read: “Overall I think the dips here may be shallower than originally expected due to the lack of OIA to trigger liq flushes and the obvious need for space.”
“We have potential liquidity above 38k and some below 37.5k, but the openings here are relatively low – so we don't expect to see much volatility in either direction unless the position changes dramatically.”
Credible Crypto concluded that even its forecast of a return to $36,900 – itself a 2.1% drop from the current spot price – may not materialize.
BTC price publications key Ichimoku setup
There was a market analyst named Titan of Crypto that floated in the same situation recently.
Related: ‘Enjoy Bitcoin Under $40K' — PlanB Emphasizes $100K Average BTC Price From 2024
In his analysis of the Ichimoku Cloud Indicator, the titan of crypto has calculated a rare event for Bitcoin's weekly chart, a clean break from its key components.
Ichimoku's lagging period, Chikou – as measured 26 weeks ago – were now both overvalued and at the top of Kumo's cloud. If they show renewed growth along with Tenkan-Sen and Kijun-Sen, the picture looks very promising to continue upwards, concludes Titan of Crypto.
“Price Action Intelligence Pay attention to the last 2 weekly candles. “Wicks indicate bulls are pulling back,” he partially summarized in X's Nov. 25 commentary.
“Speed up, $39.3k is next.”
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.
