{"id":13930,"date":"2023-11-04T22:38:06","date_gmt":"2023-11-04T22:38:06","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13930"},"modified":"2023-11-04T22:38:07","modified_gmt":"2023-11-04T22:38:07","slug":"bitcoin-bulls-defend-34k-as-trader-predicts-next-btc-price-impulse","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13930","title":{"rendered":"Bitcoin bulls defend $34K as trader predicts next BTC price &#8216;impulse&#8217;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) sought to pressure $35,000 on Nov. 4 as weekend markets continued to consolidate higher.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>&#8220;Significant&#8221; event sets up BTC price upside<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC price support holding after the end of Wall Street trading.<\/p>\n<p>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.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin has been above $34k for 11 days now.<br \/>Healthy accumulation zone.<\/p>\n<p>\u2014 James V. Straten (@jimmyvs24) November 4, 2023<\/p>\n<p>After nearly hitting $36,000 during the week, Bitcoin was still a favorite for traders eyeing potential upside continuation.<\/p>\n<p>In his latest video update on the day, popular trader Credible Crypto suggested that a trip past $35,000 was the logical next step.<\/p>\n<p>Uploading Elliott Wave analysis to X, Credible Crypto revealed three key levels to watch: $34,314, $34,714 and $35,119, forming the range low, midrange point and high, respectively. <\/p>\n<p>\u201cThe key thing here is that we\u2019ve impulsed above the midrange and now we want to see if we can hold that as a reclaim,\u201d he explained.<\/p>\n<p>\u201cIn that case, what we\u2019ve essentially done here is reclaimed the midrange for continuation up. Rather than a move off the range lows, we\u2019re making a move off the midrange.\u201d<em>BTC\/USD chart with range levels. Source: Credible Crypto\/X<\/em><\/p>\n<p>Credible Crypto added that strong volume \u2014 a \u201csignificant event\u201d \u2014 was helping trajectory, along with a lack of desire to sell at current levels.<\/p>\n<h2>Traders note key downside levels<\/h2>\n<p>Continuing on how the weekend and weekly close could shape up, Daan Crypto Trades noted the proximity of the CME Bitcoin futures Nov. 3 closing price.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin to the moon! Top 5 BTC price predictions for 2024 and beyond<\/em><\/strong><\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcon Let&#8217;s see how the weekend will do this time around.<\/p>\n<p>Been saying this every week but remember that during a strong trend, the probability of price creating a gap and not closing it immediately, is much higher than during a choppy market. pic.twitter.com\/czqKbPXDg1<\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) November 4, 2023<\/p>\n<p>As Cointelegraph reported, CME futures &#8220;gaps&#8221; have been closed around BTC spot price, with a major exception near $20,000 forming one component of the bearish thesis that calls for a return to those levels in the coming months.<\/p>\n<p>Fellow trader Jelle meanwhile noted the 200-period exponential moving average (EMA) acting as a key support line on 1-hour timeframes.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin is retesting the 1h 200 EMA for the first time in 18 days, 25% higher than the last retest.<\/p>\n<p>MAs have caught up to price, next leg higher after the weekend? pic.twitter.com\/PdwPIzHNk0<\/p>\n<p>\u2014 Jelle (@CryptoJelleNL) November 3, 2023<\/p>\n<p>&#8220;Losing $34,100 is where i will look for a hedge short against my long position,&#8221; Crypto Tony told X subscribers in an update on his own market navigation. <\/p>\n<p>&#8220;And would be ideal for anyone looking for a new entry I remain in my long though while we hold above $33,000.&#8221;<em>BTC\/USD annotated chart. Source: Crypto Tony\/X<\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bulls-defend-34k-trader-predicts-next-btc-price\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) sought to pressure $35,000 on Nov. 4 as weekend markets continued to consolidate higher. BTC\/USD 1-hour chart. Source: TradingView &#8220;Significant&#8221; 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13930"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13930\/revisions"}],"predecessor-version":[{"id":13932,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13930\/revisions\/13932"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13931"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}