Advertiser disclaimer

Bitcoin Hovers at $34,886 Amid Market Uncertainty

author
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on November 06, 2023 | 2 min
Updated on Nov 06, 2023
Advertiser disclaimer
  • Bitcoin’s Price Wobbles at $34,886 Amid Market Fluctuations
  • Technical Indicators Show a Neutral RSI at 50, with a Short-Term Bullish Trend Suggested by the 50 EMA
  • Chart Patterns Indicate an Upward Channel, Potentially Signaling an Underlying Bullish Sentiment

As the world’s premier digital currency, Bitcoin continues to command the attention of investors and traders alike. The current price of Bitcoin stands at $34,886.91, a slight 0.80% decrease over the last 24 hours. Despite this minor dip, Bitcoin maintains its dominance in the market, holding the number one spot on CoinMarketCap with a staggering market cap of over $681 billion.

Show more
BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin Price Prediction: Technical Outlook

Delving into the technical aspects, the 4-hour chart presents a narrative that is as compelling as it is intricate. The pivot point for the session hovers around $34,068, a figure that is of particular interest to intraday traders. As we examine the key price levels, we notice an immediate resistance forming at approximately $35,060. This level has been a battleground of sorts, witnessing significant congestion in recent trading sessions. A breakthrough beyond this point could propel Bitcoin towards the next resistance levels at $36,053 and potentially $37,022. However, the road is not without its bumps. Immediate support can be found at $33,098, with further safety nets at $32,083 and $31,136 should bearish momentum gain traction.

 

The technical indicators paint a picture that is cautiously optimistic. The Relative Strength Index (RSI) currently stands at 50, perfectly balanced on the fulcrum between bullish and bearish sentiment. This neutrality suggests a market in contemplation, waiting for a signal to determine its next move. Meanwhile, the 50-Day Exponential Moving Average (EMA) at $35,027 is just a hair’s breadth away from the current price, hinting at a short-term bullish trend.

 

A closer look at the chart patterns reveals an upward channel that has been subtly supporting a buying trend around $34,735. This pattern, if sustained, could be indicative of an underlying bullish sentiment waiting to fully manifest. However, as any seasoned trader knows, the market is a fickle creature, subject to the whims of global events and investor sentiment.

 

In conclusion, the overall trend for Bitcoin appears to be bullish above $34,735, but this is not without its caveats. The market is at a crossroads, and the direction it takes will be determined by a confluence of factors both technical and fundamental. For the short term, should the supportive narrative hold true, we may anticipate Bitcoin to challenge the $35,060 resistance. Conversely, a break below the immediate support could signal the beginning of a bearish phase, making it imperative for traders to set appropriate stop losses and manage their risks effectively in these uncertain times.

Stay tuned for more updates!

author
About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
Other categories