Bitcoin (BTC) held around $38,000 through the weekly close on November 26 as traders increased BTC price optimism.
Bitcoin buyers give bears no room to maneuver.
Data from Cointelegraph Markets Pro and TradingView shows a generally flat weekend for Bitcoin, with classic volatility yet to occur as the weekly close approaches.
#Bitcoin A simple, slow weekend.
Volume/volatility typically picks up a little later today. https://t.co/joyKaqG68f pic.twitter.com/T9sXbJ2c6d
— Daan Cryptocurrency Trading (@DaanCrypto) November 26, 2023
After hitting a new 18-month high in recent days, some have argued that the largest cryptocurrency has shown encouraging signs of a continuation of its uptrend.
Among them was popular trader and analyst Credible Crypto, who was watching buyers absorb sales near local highs.
As open interest (OI) in the derivatives market remains low and spot demand remains stable, the foundation can be set for the next leap forward.
“Overall, I think the dip here could be much shallower than originally expected due to the lack of OI driving a liquid flush and the clear spot demand we are seeing at these levels.” Part of X (formerly Twitter) post read.
“We have potential liquidations above 38,000 and below 37,500, but the amount of open positions here is relatively low, so we do not expect significant volatility in either direction until a breakout unless spot flows change dramatically. not.”
Credible Crypto concluded that even its previous forecast of a 2.1% drop in profits to $36,900 from the current spot price may not materialize.
BTC price print key Ichimoku settings.
Equally positive about the near future was fellow market commentator Crypto’s Titan.
Related: ‘Have fun with Bitcoin under $40,000’ — PlanB highlights the average BTC price starting in 2024 is $100,000.
In analysis utilizing the Ichimoku Cloud indicator, Titan of Crypto observed a rare clean breakout of a major component on the Bitcoin weekly chart.
Ichimoku’s lag period Chikou (measured 26 weeks ago) is now above its price and at the top of the Kumo Cloud. With Tenkan-sen and Kijun-sen showing new upward trends, this picture looked very likely for an upward continuation, Titan of Crypto concluded.
“When it comes to price action, pay close attention to the last two weekly candles. The wick indicates the bull is pulling back,” he said. summary Part of X’s commentary dated November 25th.
“Momentum has increased. Next is $39.3 thousand.”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.