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BITCOIN TECHNICAL ANALYSIS-$34,700: Make-Or-Break Level: Buy or Sell?

Key Takeaways
  • A pivotal moment will determine the emerging trend
  • In the 4-hour chart, Bitcoin's price is within the lower border of an upward channel
  • Over the past two days, the BTC chart has consistently shown Long Wick Doji candles, signaling a state of indecision
07-Nov-2023 By: Lokesh Gupta

Bitcoin consolidates above $34,500. A rally awaits if $35,400 cleared

Bitcoin investors celebrated as it held above a crucial level. Nevertheless, its upward momentum slowed compared to recent weeks. This week, the BTC/USD pair continued to consolidate, with Bitcoin encountering resistance at 35,400. This resistance coincided with a modest rise in American bond yields, with the 10-year yield reaching 4.65% and the 30-year yield climbing to 4.82%.

Technical Views:-

According to Coingabbar Technical Analysis, Bitcoin encounters strong resistance at $35,400, but surpassing $35,500 could trigger a rally to $37,000. On the 4-hour chart, it hovers just below the 50-Day Moving Average and near the lower edge of an ascending channel. Reviewing the daily chart, Bitcoin exhibits uncertainty with two successive days of Long Wick Doji candles. Staying below the lower channel line and the 50-day moving average may lead to panic selling. We'll watch to see if BTC breaches the channel or rebounds from its support.


RESISTANCE LEVEL : $35,000-$35,400

SUPPORT LEVEL : $34,300-$34,000

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.