Bitcoin is due to spend some time ranging before an “impulse” move ensues, bullish BTC price analysis predicts.
Market Update
Bitcoin (BTC) traded $1,000 off weekly lows after the Nov. 22 Wall Street open as a BTC price relief bounce held firm.
Bitcoin respects “very clear” key levels
Data from Cointelegraph Markets Pro and TradingView followed crypto markets as they recovered from snap downside the day prior.
As the dust continued to settle on news that largest global exchange Binance would be fined $4.3 billion by United States lawmakers, Bitcoin traders eyed the latest important price levels.
Daan Crypto Trades showed BTC/USD respecting a trading range in place for two weeks despite dipping to $35,600 after the Binance event.
“Nice tap and bounce of the range low yet again,” he told X subscribers in part of his latest commentary.
“Pretty clear that the most improtant levels are 35.7K and 38K in this area.”
The corridor between $35,000 and $38,000 was of equal interest to optimistic market participants waiting for the next stage of the Bitcoin bull run.
These included popular trader and analyst Credible Crypto, who predicted some rangebound activity before an “impulse” higher.
“As others have pointed out- spot premium is back. Def a bottom forming here imo. That being said, think for now upside is capped at around 37k and downside capped at 35k as we form a little range here for a couple days of accumulation before liftoff,” he explained on the day.
“As per my chart in the quoted tweet looking for the lows at 35.5k to get taken before the conclusion of this accumulation phase and the start of the next impulse.”
An accompanying chart of the Binance order book showed liquidity pockets defining likely range highs and lows.
BTC price 4-hour chart flashes
Fellow trader Jelle, also known for his bullish longer-term outlook on Bitcoin, nonetheless cautioned that buyer interest must now solidify.
Related: How low can the Bitcoin price go?
“While we never took out a single low, Bitcoin has work to do,” he said about the 4-hour chart post-Binance.
“For the first time in this consolidation, we failed to make a higher low – and now we’re also back below the key level. Bulls need to step in here.”
On longer timeframes, however, Jelle spied a breakout from a so-called “cup and handle” pattern — with a $48,000 BTC price target to match.
#Bitcoin‘s cup & handle pattern broke out and pushed straight through the $30k resistance level!
Targets from here are $48,000 and new ATHs https://t.co/VcSfEzGySa pic.twitter.com/XHzeMtuh1z
— Jelle (@CryptoJelleNL) November 22, 2023
In its latest coverage of order book changes, meanwhile, monitoring resource Material Indicators suggested that whale selling was still ongoing.
Despite this, liquidity overall moving higher was a bullish sign, it added in X commentary.
Waking up to some interesting activity in the #Bitcoin order book.#FireCharts 2.0 (beta) shows both bids and asks moving up which is a sign of short term bullishness following yesterday’s dip. No real surprise there, but what you can clearly see is different in this chart than… pic.twitter.com/xgJj8AytZe
— Material Indicators (@MI_Algos) November 22, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
