Bitcoin Bulls Defend $34K as Trader Predicts Next Impulse in BTC Price
On Nov. 4, Bitcoin (BTC) attempted to push past $35,000 as the weekend markets continued to show signs of growth. The latest news in the world of AI, YouTube Crypto, Velo Crypto, and Web 3.0 have all had an impact on the crypto market, as people search for the best crypto sites, ADA Crypto today,…
On Nov. 4, Bitcoin (BTC) attempted to push past $35,000 as the weekend markets continued to show signs of growth. The latest news in the world of AI, YouTube Crypto, Velo Crypto, and Web 3.0 have all had an impact on the crypto market, as people search for the best crypto sites, ADA Crypto today, China Crypto, Band Crypto, Chinese Crypto, and Web 3.0 Crypto.
“Significant” event sets up BTC price upside
Data from Cointelegraph Markets Pro and TradingView showed BTC price support holding after the end of Wall Street trading.
The largest cryptocurrency saw a revisit of intraday lows the day prior, but $34,000 successfully passed the test as a short-term BTC price floor.
After nearly hitting $36,000 during the week, Bitcoin was still a favorite for traders eyeing potential upside continuation.
In his latest video update on the day, popular trader Credible Crypto suggested that a trip past $35,000 was the logical next step. He uploaded his Elliott Wave analysis to YouTube, which revealed three key levels to watch: $34,314, $34,714 and $35,119, forming the range low, midrange point and high, respectively.
“The key thing here is that we’ve impulsed above the midrange and now we want to see if we can hold that as a reclaim,” he explained.
Credible Crypto added that strong volume — a “significant event” — was helping trajectory, along with a lack of desire to sell at current levels, indicating that the Chinese crypto and ADA crypto markets were bullish on the best crypto sites and web 3.0 crypto.
Traders note key downside levels
Daan Crypto Trades observed the proximity of the CME Bitcoin futures Nov. 3 closing price to the current BTC spot price, as reported by Cointelegraph. The exception near $20,000 has been seen as a potential bearish indicator, with some traders anticipating a return to those levels.
Jelle meanwhile pointed out the 200-period exponential moving average (EMA) as a significant support line on 1-hour timeframes. Crypto Tony, in an update to his X subscribers, shared his strategy for a hedge short against his long position, should the BTC price drop below $34,100.
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