Due to market fluctuations and Bitcoin (BTC) price fluctuationsDetermining the best times to buy a leading cryptocurrency can be tricky. With this in mind, a crypto analyst has identified key price levels that investors should watch. Potential purchase opportunities.
Buying Levels to Watch for Bitcoin Price
A crypto analyst identified as “Stockmoney Lizards” took to X (formerly Twitter) on August 1 to Discusses the Recent Bitcoin price movements highlight Key Buying Levels The cryptocurrency’s tendency to rise in price. The analyst points out that Current Bitcoin Price Movements Indicates a classic 5-wave uptrend followed by an ABC correction with an overall B wave.
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An ABC correction is a continuation pattern that occurs during uptrends or downtrends. It is an intraday pattern. Elliott Wave Theory This reflects a three-wave correction and helps determine the continuation of the trend.
The analyst noted that wave B ended at a high in the value area (VAH) around $69,885. According to the analyst, this price level has historically acted as resistance. This means that Bitcoin price may struggle to move above this point.
The analyst also revealed that the $66,745 price point was a Bitcoin resistance levelThis critical level is highlighted on the BTC price chart, confirming that the red line represents the point of control (POC) for the cryptocurrency.
Moreover, 1.618 Fibonacci extension level Bitcoin has been identified as a potential support area for a new uptrend. The analyst revealed that this crucial level coincides with 0.5 Fibonacci retracement level and the Value Low Area (VAL), which are all important support levels.
Concluding his analysis, the crypto analyst suggested that the support area between $61,800 and $62,300 was an important buying level to watch out for. He noted that on the higher time frame, Potential Upside of Bitcoin Bitcoin price remains intact, adding that if the cryptocurrency price drops below the $61,800 level, another decline should be expected to test the 2.618 Fibonacci extension at $56,800.
In general, a cryptocurrency analyst tends towards bullish outlook As for the short- and medium-term timeframes for Bitcoin price. At the time of writing, Bitcoin is trading at $61,594, reflecting a 4.21% decline in the last 24 hours, according to CoinMarketCap.
BTC Ready to Launch in September
Other analysts also remained relatively pessimistic. Bitcoin price risepredicting new record highs for the leading cryptocurrency. According to a cryptocurrency analyst known as “TOBTC” on X, Bitcoin has seen a massive surge drop In its price, it has dropped below the $63,000 mark.
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analyst open Despite Bitcoin’s rejection at the $70,000 resistance level, a potential breakout is expected by September. This bullish sentiment is shared by a different crypto analyst, Michael van de Poppe, who pridect If Bitcoin remains above the $60,000 to $61,000 level, the cryptocurrency may witness an upward movement to New all time highs In September or October 2024.
Featured image created using Dall.E, chart from Tradingview.com
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