Technical analysis by Rick_SimpleSwap about Symbol BTC: Buy recommendation (11/2/2023)

USDT/BTC Speculative Trading Idea Below is a speculative trading idea for the BTC/USDT pair. As of writing, there’s a consolidation and price chart compression towards the established local resistance level at a price of $35,195, following an impulsive 31% price increase from $26,794 with a rebound from the 50-day moving average. Within the framework of this idea, we propose to consider the possibility of buying BTC at a price of $35,195. We do so with the aim of continuing the BTC price rise towards the resistance zone located near the POC volume level, corresponding to the trading range of the first half of 2022. The approximate target for this trade is $38,440. An additional factor supporting this decision is the cumulative delta, indicating sustained buyer interest. The potential for this trade is estimated at 9%, with a stop-loss set at the 3% level, which amounts to $34,100.