Bitcoin bulls defend $34K as trader predicts next BTC price ‘impulse’

“Losing $34,100 is where i will look for a hedge brief against my long position,” Crypto Tony informed X subscribers in an update on his own market navigation. Source: Crypto Tony/XThis short article does not contain investment guidance or suggestions.

Bitcoin (BTC) looked for to pressure $35,000 on Nov. 4 as weekend markets continued to combine higher.BTC/ USD 1-hour chart. Source: TradingView” Significant” occasion establishes BTC rate upsideData from Cointelegraph Markets Pro and TradingView revealed BTC rate assistance holding after completion of Wall Street trading.The biggest cryptocurrency saw a revisit of intraday lows the day prior, but $34,000 successfully passed the test as a short-term BTC rate floor. #Bitcoin has actually been above $34k for 11 days now.Healthy build-up zone.– James V. Straten (@jimmyvs24) November 4, 2023

As Cointelegraph reported, CME futures “gaps” have been surrounded BTC area price, with a significant exception near $20,000 forming one part of the bearish thesis that requires a go back to those levels in the coming months.Fellow trader Jelle meanwhile kept in mind the 200-period rapid moving average (EMA) serving as an essential support line on 1-hour timeframes. #Bitcoin is retesting the 1h 200 EMA for the very first time in 18 days, 25% higher than the last retest.MAs have reached price, next leg higher after the weekend? pic.twitter.com/PdwPIzHNk0— Jelle (@CryptoJelleNL) November 3, 2023

Source: TradingView” Significant” event sets up BTC rate upsideData from Cointelegraph Markets Pro and TradingView revealed BTC rate assistance holding after the end of Wall Street trading.The largest cryptocurrency saw a revisit of intraday lows the day prior, however $34,000 effectively passed the test as a short-term BTC rate floor. Leading 5 BTC cost predictions for 2024 and beyond #Bitcon Lets see how the weekend will do this time around.Been saying this every week but remember that during a strong trend, the possibility of price creating a space and not closing it immediately, is much greater than during a choppy market. As Cointelegraph reported, CME futures “gaps” have actually been closed around BTC spot rate, with a major exception near $20,000 forming one part of the bearish thesis that calls for a return to those levels in the coming months.Fellow trader Jelle on the other hand kept in mind the 200-period exponential moving average (EMA) acting as a crucial support line on 1-hour timeframes.

After nearly striking $36,000 throughout the week, Bitcoin was still a preferred for traders considering possible benefit continuation.In his latest video upgrade on the day, popular trader Credible Crypto suggested that a journey past $35,000 was the rational next step.Uploading Elliott Wave analysis to X, Credible Crypto exposed 3 essential levels to see: $34,314, $34,714 and $35,119, forming the variety low, midrange point and high, respectively. “The essential thing here is that weve impulsed above the midrange and now we want to see if we can hold that as a recover,” he explained. Top 5 BTC price predictions for 2024 and beyond #Bitcon Lets see how the weekend will do this time around.Been stating this every week but keep in mind that during a strong trend, the probability of cost developing a gap and not closing it immediately, is much greater than throughout a choppy market.