Bitcoin (BTC) attempted to reach the $35,000 mark on November 4 as the weekend markets continued to consolidate at higher levels. Data from Cointelegraph Markets Pro and TradingView indicated that the support for BTC price held firm after the close of Wall Street trading. Despite revisiting intraday lows from the previous day, Bitcoin successfully held above $34,000, establishing it as a short-term price floor.
James V. Straten, a prominent Bitcoin enthusiast, highlighted the fact that Bitcoin had remained above $34,000 for 11 consecutive days, indicating a healthy accumulation zone. This reaffirmed the confidence of traders who were eyeing potential upside continuation for the largest cryptocurrency.
In a video update, Credible Crypto, a renowned trader, suggested that surpassing the $35,000 mark was the next logical step for Bitcoin. He shared a detailed Elliott Wave analysis, identifying three key levels to watch: $34,314, $34,714, and $35,119. These levels represented the range low, midrange point, and high, respectively. Credible Crypto emphasized the importance of holding the midrange as a reclaim, as it would signify a continuation of the upward trend.
Credible Crypto also pointed out that strong volume, which he referred to as a “significant event,” was contributing to the positive trajectory of Bitcoin. Additionally, there was a notable lack of desire to sell at the current levels, further supporting the potential for upside movement.
Another trader, Daan Crypto Trades, considered the proximity of the CME Bitcoin futures closing price on November 3. Historically, CME futures “gaps” have been closed around the BTC spot price, except for one near $20,000. This exception forms part of the bearish thesis predicting a return to those levels in the coming months.
Jelle, a fellow trader, highlighted the 200-period exponential moving average (EMA) as a key support line on 1-hour timeframes. This further reinforced the positive outlook for Bitcoin, suggesting that the next leg higher could occur after the weekend.
Crypto Tony, a prominent figure in the cryptocurrency market, outlined his strategy for navigating the market. He mentioned that if Bitcoin were to lose the $34,100 level, he would consider a hedge short against his long position. However, as long as Bitcoin remained above $33,000, he would maintain his long position.
It is important to note that this article does not provide investment advice or recommendations. Each investment and trading decision carries inherent risks, and readers are encouraged to conduct their own research before making any decisions.