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.
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Other Questions People Ask
What are the implications of Bitcoin bulls defending $34K as trader predicts next BTC price 'impulse'?
The defense of the $34K level by Bitcoin bulls indicates a strong support zone, which traders view as crucial for potential upward momentum. As highlighted by Crypto Tony, maintaining this level is essential for those holding long positions, as a drop below could signal a need for hedging. This situation creates a pivotal moment for traders to assess their strategies and prepare for possible price movements toward $35,000 and beyond.
How does the recent price action around $34K affect Bitcoin's future price predictions?
The recent price action around $34K suggests that Bitcoin is consolidating before making a significant move, with traders like Credible Crypto identifying key levels to watch. If Bitcoin can hold above this support, it may set the stage for an upward impulse toward $35,000, as indicated by various analysts. Conversely, a failure to maintain this level could lead to bearish sentiment and a potential revisit of lower price levels.
What strategies should traders consider if Bitcoin bulls defend $34K?
Traders should consider monitoring the $34K level closely as it serves as a critical support point. If Bitcoin continues to hold above this threshold, it may be wise to look for entry points to capitalize on potential upward movements. Additionally, implementing stop-loss orders just below this level can help manage risk in case of unexpected downturns.
What role does the 200-period EMA play in Bitcoin's price movement near $34K?
The 200-period exponential moving average (EMA) is acting as a significant support line for Bitcoin as it tests the $34K level. Traders like Jelle have noted its importance, suggesting that if Bitcoin can maintain its position above this EMA, it may indicate a bullish trend continuation. This technical indicator can help traders make informed decisions about their positions based on price action relative to this moving average.
What should investors watch for in Bitcoin's price action following the defense of $34K?
Investors should keep an eye on key resistance levels above $34K, particularly the $35,000 mark, as it represents a potential target for upward movement. Additionally, monitoring trading volume and market sentiment will provide insights into whether the bullish momentum can sustain itself. Any significant changes in these factors could signal shifts in price direction and inform investment strategies moving forward.