As a seasoned crypto analyst with over a decade of experience in financial markets and technical analysis, I have closely monitored Bitcoin’s (BTC) price action and identified several key levels that could significantly impact potential buying and selling opportunities for investors. Based on my extensive research and market observations, I believe the following levels are crucial to keep an eye on.
A cryptocurrency expert has carefully prepared a comprehensive guide, complete with crucial milestones and ideal purchasing and selling spots for investors to maximize their gains in Bitcoin (BTC).
Key Levels To Watch Out For In BTC’s Price Action
A cryptocurrency expert named “Scient” shared insights on Bitcoin’s buying and selling points during a post on X (previously known as Twitter) on July 22. In his detailed examination, he pinpointed significant price levels that should be monitored closely by both current Bitcoin holders and investors on the sidelines.
Based on my extensive experience in cryptocurrency analysis and trading, I would strongly advise keeping a keen eye on Bitcoin’s chart as we currently find ourselves at a pivotal point. Specifically, I’d like to draw your attention to the Range-Mid Support/Resistance (S/R) level, which lies between $65,300 and $66,500 according to my research. Having closely monitored market trends, I can confidently say that this area holds significant importance for Bitcoin’s future price action. At present, the coin hovers around this level, making it a crucial watchpoint for any investor or trader in the crypto space.
As a crypto investor, I’ve noticed an intriguing analysis: the longer Bitcoin’s price stays above its current level, the greater the likelihood of hitting new record highs. This means that considering selling at this point might not be the best move, and instead, we could be in for some significant gains. Furthermore, Bitcoin has recorded three daily closes above the Range-Mid Support/Resistance (S/R) threshold. Given this bullish trend, it seems prudent to keep a close eye on Bitcoin’s price action and possibly consider buying more if the opportunity arises.
During their conversation about BTC‘s Range-Mid Support/Resistance (S/R) point, Scient brought up potential Bitcoin price developments depending on market circumstances and significant levels. He revealed that if the price experiences a stronger compression from the Range-Mid level toward the $72,000 mark for Bitcoin, this area will likely trigger considerable selling pressure without an instant advance to new peak prices.
Based on my extensive experience in the bustling world of cryptocurrency trading, I firmly believe that this particular zone presents a prime opportunity for both cashing out profits or initiating short trades through scalping strategies. Scalping, as you may know from my past discussions, refers to a high-octane investing approach where traders swiftly buy and sell digital currencies in the blink of an eye, capitalizing on minute price fluctuations. The adrenaline rush of executing such trades can be intoxicating, and I’ve seen it pay off handsomely for those who are quick on their feet and have a keen sense of market trends. So, if you’re up for the challenge, this zone might just be your ticket to some exhilarating profits!
In the second situation, if Bitcoin drops below its Range-Mid Support and Resistance level, it could be a chance to purchase the digital currency at a cheaper price. Sci identified a potential buying opportunity between $59,000 and $60,000 because this range encompassed the 1-Day 200 Exponential Moving Average, 1-Day Fibonacci Retracement level, and 1-Day demand area.
Based on the insights shared by the cryptocurrency expert, investors might find significant prospects for short-term gains by focusing on this identified key region. Furthermore, Bitcoins’ second potential purchasing point was highlighted around $57,256 to $55,888. This area is considered essential as it serves as a crucial diagonal trend support from 2019. Failure to maintain this support could trigger an extended downtrend for Bitcoin, potentially marking the onset of a prolonged bearish phase.
Bitcoin Sets Sight On A Breakout To $100,000
In his recent blog entry, Scient shared his belief that Bitcoin could experience a significant surge, potentially reaching new peak prices near $100,000. He expressed this positive viewpoint based on the current robust market conditions.
The analyst painted a picture of his preferred market conditions for Bitcoin as a gradual compression towards the sell zone from its current level, followed by approximately four weeks of price action hovering between the sell zone and the mid-range. This period would eventually give way to a powerful price surge surpassing $100,000.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- USD RUB PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- USD PHP PREDICTION
- Rumor: One of the Weirdest Games of 2014 Could Be Making a Comeback
2024-07-25 01:11