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 suggests a strong short-term support that traders can rely on for potential upward movement. As highlighted by Crypto Tony, this level is critical for maintaining long positions, and a failure to hold could lead to a reevaluation of market strategies. The anticipation of an 'impulse' move indicates that traders are looking for a significant price increase, particularly as BTC has shown resilience above this threshold.
How does the recent trading activity around $34K affect Bitcoin's price outlook?
The recent trading activity around the $34K mark indicates a healthy accumulation phase for Bitcoin, as it has remained above this level for over 11 days. This stability is crucial for traders like Jelle, who point to the 200-period EMA as a vital support line. If Bitcoin can maintain this support and push past $35,000, it could signal a continuation of bullish momentum in the market.
What should traders watch for following Bitcoin's defense of the $34K level?
Traders should closely monitor key price levels such as $34,314, $34,714, and $35,119, as identified by Credible Crypto. These levels represent critical points for potential price action and can help traders make informed decisions about entering or exiting positions. Additionally, observing how Bitcoin reacts to these levels will provide insights into whether the current bullish sentiment can sustain itself or if a correction is imminent.
Why is the $34K level significant for Bitcoin bulls in the current market?
The $34K level is significant for Bitcoin bulls as it serves as a psychological and technical support point that traders are rallying around. Holding above this level not only reinforces bullish sentiment but also creates a foundation for potential upward price movements. As noted in the article, if Bitcoin can successfully navigate this critical support, it may pave the way for further gains towards higher price targets.
What role do CME futures gaps play in Bitcoin's price predictions around $34K?
CME futures gaps are important indicators in Bitcoin's price predictions, particularly with the notable gap near $20,000 that some traders believe could influence future market behavior. The presence of these gaps suggests that there may be unresolved price levels that could attract Bitcoin back down if not addressed. However, the current defense of the $34K level indicates that bulls are actively working to prevent such scenarios and maintain upward momentum.