As the weekend arrived, Bitcoin, with a price of $34 727 , aimed to breach the $35,000 threshold, displaying resilience in the wake of Wall Street trading closure.
Following a minor dip the previous day, Bitcoin’s value appeared to find solid footing at the $34,000 mark, effectively establishing it as a short-term price support level.
Having come tantalizingly close to the $36,000 mark earlier in the week, Bitcoin remained a favored asset among traders seeking further upward momentum.
In his latest video analysis, the widely-followed trader Credible Crypto put forth the notion that surpassing $35,000 represented the logical progression for Bitcoin. He presented an Elliott Wave analysis that highlighted three critical levels to monitor: $34,314, $34,714, and $35,119, corresponding to the lower limit, midrange point, and upper threshold of the range.
Credible Crypto emphasized, “The pivotal point here is that we’ve surged above the midrange, and now the question is whether we can maintain that level as a reclaimed support.” He explained, “In such a scenario, what we’ve essentially achieved is reclaiming the midrange for further upward momentum, rather than initiating a move from the lower range.”
Furthermore, Credible Crypto underscored the significance of robust trading volume, labeling it a “notable event” contributing to the coin’s trajectory. Additionally, he pointed out the reluctance among traders to part with their holdings at current price levels.
Other traders in the field also shared their insights. Daan Crypto Trades observed the close proximity of the CME Bitcoin futures closing price on November 3, which has historically prompted “gap closures” near Bitcoin’s spot price. The exception to this trend was a prominent factor in the bearish perspective calling for a potential return to the $20,000 range in the coming months.
Meanwhile, another trader, Jelle, highlighted the 200-period exponential moving average (EMA) as a critical support line on 1-hour charts.
Crypto Tony shared thoughts with subscribers, stating, “I will consider a hedge short position if we lose $34,100 against my existing long position,” while adding, “For those seeking a new entry, it would be opportune. I, however, will remain in my long position as long as we stay above $33,000.”