Bitcoin Targets $35,000 as Traders Eye Further Upside Amidst Solid Support
Summary:
Bitcoin pressed on the $35,000 level on Nov. 4, even after the close of regular Wall Street trading hours. Despite revisiting previously low levels, Bitcoin successfully held $34,000 as a temporary price base. Traders remain hopeful for a further increase, predicting that Bitcoin surpassing $35,000 is the foreseeable next phase. Significant trading volumes contribute to this upward trend, with few apparent intents to sell at current rates. Every investment or trading action carries risks, and readers are advised to conduct their own research before making any decisions.
Bitcoin pressed on the $35,000 mark on Nov. 4 as it held steady over the weekend. The firm footing of Bitcoin's price was evident even after regular trading hours of Wall Street were over. Data from Cointelegraph Markets Pro and TradingView reveal that despite revisiting intraday lows of the previous day, Bitcoin maintained a solid stand at $34,000, setting a temporary base for Bitcoin's value. Even after reaching high up to $36,000 this week, the digital currency continues to draw the interest of traders hoping for a further increase in its value.
In his recent video update, popular trader Credible Crypto predicted that Bitcoin surpassing $35,000 was the foreseeable next phase. His Elliott Wave analysis for the platform X, pointed out three important ranges to monitor: $34,314, $34,714, and $35,119, acting as the range bottom, middle, and top, respectively. "The key takeaway here is the upward movement we've seen over the midrange, now we wait to see if that can be sustained," stated Credible Crypto. "We have basically reestablished the midrange for an upward trend. Instead of starting from the bottom, we're pushing off from the middle," he added.
Credible Crypto also highlighted that high trading volumes - a "major event" - were aiding the upward trend without any noticeable willingness to sell at present rates. As Daan Crypto Trades commented on the potential end-of-week activity, he drew attention to the nearby closing price of the CME Bitcoin futures on Nov. 3. As per previous trends, CME futures "gaps" usually get filled by a Bitcoin spot price. But a notorious exception around $20,000 stands as a solitary piece of a bearish theory that expects prices to drop back to those levels sometime soon.
Fellow trader Jelle drew attention to the fact that the 200-period exponential moving average (EMA) was serving as a critical support line on the 1-hour charts. Crypto Tony, updating his followers on his market maneuvers, said, “A drop below $34,100 would trigger me to hedge short against my long position. Anyone looking for a fresh position might find this ideal. However, while we stay above $33,000, I’m sticking with my long position.”
This report is devoid of any investment advice or suggestions. Every investment or trading action bears risks, and it is advised that readers perform their own research prior to making any decision.
Published At
11/4/2023 2:07:30 PM
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