Bitcoin still has plans to make an assault on $35,000, BTC price analysis says.
BTC/USD 1-hour chart. Source: TradingViewThe 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.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.
“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. “In that case, what we’ve essentially done here is reclaimed the midrange for continuation up. Rather than a move off the range lows, we’re making a move off the midrange.”Credible Crypto added that strong volume — a “significant event” — was helping trajectory, along with a lack of desire to sell at current levels.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.
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., CME futures"gaps" 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.
Fellow trader Jelle meanwhile noted the 200-period exponential moving average acting as a key support line on 1-hour timeframes."And would be ideal for anyone looking for a new entry I remain in my long though while we hold above $33,000."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.
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