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

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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.

 

redible Crypto added that strong volume — a “significant event” — was helping the 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 the 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.

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Phiyanuch Nanhuang

Selling Pattaya Phuket Bangkok Crypto Management Sales & Rental Manager Crypto Currency Purchases

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