BTC price strength endures the end of November, Bitcoin beginning the new month with a trip toward the top of its local range
BTC $38,585 returned to $38,000 on Dec. 1 after the November monthly close became its best since April 2022.
Bitcoin bears fail to spark monthly close sell-off
TradingView tracked impressive overnight BTC price performance,which held key support.
The close came in at just over $37,700, with bid liquidity preserving the intraday range and avoiding a last-minute sell-off, per order book data from trading resource Material Indicators.
“Monthly close looks pretty good closing above $35K,” popular trader Skew reacted on X (formerly Twitter.)
“Could see some multi week compression between $35K – $39K.”
Skew added that major resistance on monthly timeframes now lay higher — at $47,000 and around the 2021 all-time high of $69,000.
“Monthly candle was excellent with a candle body low of $34.5K, this is important in that the lower candle BODY low was higher then the preceding candle BODY high. This is a sign of strength!” fellow trader and chartist JT continued in part of his own summary.
JT described the high-timeframe chart outlook as “consistent and constructive.”
$BTC
Bitcoin breaking out on low time frame. pic.twitter.com/MBBXmZ2iBz— The Wolf Of All Streets (@scottmelker) December 1, 2023
The trip above the $38,000 mark, which came hours after the close, marked Bitcoin’s first noticeable move in the latter half of the week. United States macroeconomic data prints conversely failed to attract much of a response.
Jerome Powell, Chair of the Federal Reserve, was due to speak on the day in what would be the last chance for external volatility to be triggered.
BTC price range has “significant” features
Highlighting the stubborn nature of the current range below $40,000, meanwhile, Material Indicators co-founder Keith Alan argued that clearing it would be highly significant.
Alan referenced the historical resistance/support (R/S) lines in play within the range, these of similar importance to those already cleared, such as the previous cycle’s 2017 all-time high near $20,000.
“If you think BTC is hovering around an arbitrary price you would be mistaken. There is a significant amount of historical confluence in this little R/S Flip Zone,” he wrote overnight.
An accompanying chart showed the levels to note on the monthly chart, along with long and short signals from one of Material Indicators’ proprietary trading indicators.
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
