bitcoin (btc) held near $38,000 through the weekly close on Nov. 26, as traders increased their optimism about the btc price.
bitcoin buyers give bears no room to maneuver
Data from Cointelegraph Markets Pro and TradingView showed a typically flat weekend for bitcoin, with classic volatility yet to be reached as the weekly close approached.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Simple and slow weekend.
Typically volume/volatility increases a bit later today. https://t.co/joyKaqG68f pic.twitter.com/T9sXbJ2c6d
– Daan crypto Trades (@DaanCrypto) November 26, 2023
After setting new 18-month highs in recent days, some argued that the largest cryptocurrency was showing encouraging signs of continued upside.
Among them was popular trader and analyst Credible crypto, who noted that buyers would absorb any selling volume near local highs.
With open interest (OI) in derivatives markets remaining low and spot demand remaining stable, the stage could be set for the next bullish move.
“Overall, I think the declines here may be even shallower than originally anticipated due to the lack of RO to induce liquid offloads and the clear spot demand we are seeing at these levels,” part of a post on X (previously Twitter) read.
“We have some potential liquidations above 38,000 and some below 37,500, but the number of open positions here is relatively low, so we don’t expect major volatility in either direction until our breakout, unless spot flows change dramatically”.
Credible crypto concluded that even its previous forecast of a return to $36,900 (itself just a 2.1% drop from the current spot price) may not come to pass.
btc Price Prints Key Ichimoku Setup
Market commentator Titan of crypto was equally optimistic about the immediate future.
Related: ‘Enjoy bitcoin Below $40,000′: PlanB Highlights Average btc Price of $100,000 From 2024
In an analysis leveraging the Ichimoku Cloud indicator, Titan of crypto saw a clean breakout of its key components in a rare event for bitcoin‘s weekly chart.
The lagging Ichimoku leg, Chikou, measured 26 weeks earlier, was now above price and at the top of the Kumo Cloud. Coupled with Tenkan-sen and Kijun-sen showing a renewed bullish trend, the outlook looked very promising for a bullish continuation, Titan of crypto concluded.
“As for price action, pay attention to the last 2 weekly candles. The wicks indicate that the bulls are pulling back,” he stated. summarized in part of comment X attached on November 25.
“The momentum has increased, the next one is $39.3 thousand.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
