May 19, 2024

Bitcoin bulls defend $34K as trader predicts next BTC price ‘impulse’

Bitcoin is setting up for another trip past $35,000, analysis argues as BTC price settles into the weekend.

Bitcoin (BTC) sought to pressure $35,000 on Nov. 4 as weekend markets continued to consolidate higher.

BTC/USD 1-hour chart. Source: TradingView

“Significant” 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 lows the day prior, but $34,000 successfully passed the test as a short-term BTC price floor.

After nearly hitting $36,000 during the week, Bitcoin was still a favorite for traders eyeing potential upside continuation.

In his latest video update on the day, popular trader Credible Crypto suggested that a trip past $35,000 was the logical next step.

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.”

BTC/USD chart with range levels. Source: Credible Crypto/X

Credible Crypto added that strong volume — a “significant event” — was helping trajectory, along with a lack of desire to sell at current levels.

Traders note key downside 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.

Related: Bitcoin to the moon! Top 5 BTC price predictions for 2024 and beyond

As Cointelegraph reported, 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 (EMA) acting as a key support line on 1-hour timeframes.

“Losing $34,100 is where i will look for a hedge short against my long position,” Crypto Tony told X subscribers in an update on his own market navigation.

“And would be ideal for anyone looking for a new entry I remain in my long though while we hold above $33,000.”

BTC/USD annotated chart. Source: Crypto Tony/X

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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