Cryptocurrency analyst has compiled a detailed list of key levels and ideal entry points for investors. Buy and sell Bitcoin (BTC) To get potential profits.
Key Levels to Watch Out for in Bitcoin Price Action
A crypto analyst identified as “Scientist” took to X (formerly Twitter) on July 22 to… Discusses the Several main levels of Buy and sell bitcoinThe analyst provided an in-depth analysis on Critical areas to watch out for In the BTC price action, highlighting the importance of this analysis for existing BTC owners and investors.
Scient has published a detailed chart showing the key areas of Bitcoin, emphasizing that the first crucial point to watch closely is the intermediate support/resistance level. According to Scient, the market is currently at this level, which is between $65,300 and $66,500.
The analyst revealed that the longest period Bitcoin price holds steady Above this level, the more likely it is to reach new highs, indicating that Excellent selling opportunityScient also revealed that Bitcoin has recorded three daily closes above the Range-Mid support/resistance level, making the trend increasingly bullish.
While discussing Bitcoin’s medium-term support and resistance levels, Scient also highlighted potential scenarios for Bitcoin price movements Based on market conditions and key levels, the cryptocurrency analyst revealed that upward pressure from the mid-range level towards the $72,000 price mark for Bitcoin will lead to a decent price selling pressure around this area without an immediate breakout to new all-time highs.
He added that this area would be a good area to make a profit or short sell in speculative trading. Speculative trading here means that investors implement very short-term trading strategies that require buying and selling cryptocurrencies quickly to make a quick profit from small price changes.
The second scenario involves Bitcoin closing back below the intermediate support/resistance area, indicating an opportunity. Get cryptocurrency at a lower priceSaint noted that the lower range between $59,000 and $60,000 was a strong buying zone as there was a confluence between the 200 EMA, the 1-day FVG, and the 1-day ask.
According to the crypto analyst, if investors take advantage of this vital area, it could provide another great opportunity for speculative trading. In addition, Saint identified another crucial point. BTC Buy Zonelocated between $57,256 and $55,888. The crypto analyst noted that this second buy zone is a “hold zone” and represents support for a major diagonal trend from 2019. He also revealed that losing this diagonal support could lead to Prolonged bearish trend for Bitcoinheralding the beginning of a long winter.
Bitcoin targets $100K
In his post, Saint revealed that Bitcoin could see a surge. Reaching all-time highs of around $100,000He reiterated his bullish outlook on Bitcoin, attributing his bullish sentiment to the current market strength.
The analyst described his ideal market scenario as pressure on Sales area From Bitcoin’s current position, several weeks of consolidation between the sell zone and the mid-range followed, leading to the price breaking above $100,000.
Featured image created using Dall.E, chart from Tradingview.com