In the ever-volatile dance of numbers that is the cryptocurrency market, Bitcoin has once again captivated its audience. With the determination of an asset that has seen many a rise and fall, Bitcoin tickers flashed a number that held promise for investors and traders alike: $34,906.
As the weekend markets embraced a steady rhythm, the pulse of Bitcoin showed signs of a strong heartbeat, aiming to breach the significant $35,000 threshold on November 4.
The Battle of the Bulls and Bears
After a dip in the intraday lows, Bitcoin demonstrated resilience, standing firm on the $34,000 frontier, thwarting bears in their tracks.
The digital currency, not far from touching the $36,000 mark earlier in the week, remained a heavyweight contender in the eyes of traders who were betting on a continued upward swing. Cointelegraph Markets Pro and TradingView presented data that painted a picture of steady support after the closing bell of Wall Street, indicating a consolidation higher.
This pattern suggests that despite the ebb and flow of prices, the long-term outlook for Bitcoin may have bullish hues painted all over. In the spotlight of market analysis, Credible Crypto, a trader with a knack for the ebb and flow of digital currencies, shared his insights.
In a recent video, he laid out the landscape of Bitcoin’s potential trajectory. Utilizing Elliott Wave analysis, Credible Crypto identified three crucial price levels: $34,314, $34,714, and $35,119. These markers signified the low, midrange, and high of the expected trading range.
“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 elucidated to his viewers. This tactical move off the midrange rather than the range lows could be a strategic play for those looking to ride the wave of Bitcoin’s upward potential.
Supporting this ascent was what Credible Crypto referred to as a “significant event” – a surge in volume coupled with an apparent lack of intention to sell at the current levels, bolstering the upward momentum.
In parallel, Jelle, another name in the circle of crypto analysts, underscored the importance of the 200-period exponential moving average (EMA) on the 1-hour charts, a beacon for Bitcoin’s short-term trajectory. Echoing a more cautious strategy, Crypto Tony—a fellow trader—outlined his game plan to his subscribers.
He suggested that a fall below $34,100 could trigger a defensive short position to hedge against his prevailing long stance. Nonetheless, his confidence in the long position remained unshaken as long as the price stayed aloft above the $33,000 safety net.
For the everyday investor or the seasoned trader, the takeaway is clear: vigilance is key in the dance of digits that Bitcoin leads. The cryptocurrency market, with its highs and lows, demands a strategic mind and a patient hand, ready to capitalize on the moments when the digital tide rises.