Due to market volatility and bitcoin (btc) Price FluctuationsIdentifying the best times to buy the pioneering cryptocurrency can be a challenge. With this in mind, one cryptocurrency analyst has pointed out the key price levels that investors should keep an eye on. potential purchasing opportunities.
Buying levels to watch for bitcoin price
A cryptocurrency analyst identified as 'Stockmoney Lizards' took to x (formerly twitter) on August 1 to x.com/stockmoneyl/status/1819111433097154919?s=46″ rel=”nofollow”>discuss Recent bitcoin price movements, highlighting bitcoin-important-levels-buying/” rel=”nofollow”>key buying levels and the propensity of the cryptocurrency to increase in price. The analyst notes that bitcoin-weak-btc-recovery-will-be-delayed/” rel=”nofollow”>Current bitcoin Price Actions It indicates a classic 5-wave uptrend followed by an ABC correction with a general B wave.
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An ABC correction is a continuous pattern that occurs during uptrends or downtrends. It is a pattern within the Elliott Wave Theory which reflects a three-wave correction and helps identify a trend continuation.
Sharing a bitcoin price chart illustrating each wave (A, B, and C), the analyst revealed that wave B ended at the value area high (VAH) around the $69,885 mark. According to the analyst, this price level historically acted as a resistance. This means that the bitcoin price may face difficulties in breaking above this point.
The analyst further revealed that the $66,745 price also acted as a bitcoin-price-analysis-btc-faces-resistance-despite-positive-inflation-report/” rel=”nofollow”>Resistance level for bitcoinHe highlighted this critical level on the btc price chart, emphasizing that the red line represents a point of control (POC) for the cryptocurrency.
In addition, the 1,618 bitcoin-161800-target-fibonacci-elliott-wave-theory/” rel=”nofollow”>Fibonacci extension level For bitcoin, it is identified as a potential support zone for a new bullish trend. The analyst revealed that this crucial level coincides with the 0.5 Fibonacci retracement level and the Value Area Low (VAL), which are all important support levels.
Concluding his analysis, the cryptocurrency analyst suggested that the support area between $61,800 and $62,300 was an important buying level to pay attention to. He noted that on the higher time frame, bitcoin's potential uptrend was still intact, adding that if the price of the cryptocurrency falls below the $61,800 mark, then a further drop should be expected to test the 2.618 Fibonacci extension at $56,800.
In general, the cryptocurrency analyst leans towards a bitcoin-take-charge-traders-flow-back-up-next-72000/” rel=”nofollow”>Bullish outlook for the short- and medium-term time frames of the bitcoin price. At the time of writing, bitcoin is trading at $61,594, reflecting a 4.21% drop over the past 24 hours, according to CoinMarketCap.
btc on the verge of breaking the record in September
Other analysts have also remained relatively Optimistic about bitcoin priceforecasting rallies towards new all-time highs for the pioneer cryptocurrency. According to a cryptocurrency analyst identified as 'TOBTC' on x, bitcoin experienced a significant x.com/_tobtc/status/1819632649998422479?s=46″ rel=”nofollow”>decline in price, falling below the $63,000 mark.
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The analyst x.com/_tobtc/status/1819633508819914946?s=46″ rel=”nofollow”>revealed that despite bitcoin being rejected at the $70,000 resistance, a possible breakout is expected in September. This bullish sentiment is shared by another cryptocurrency analyst, Michael van de Poppe, who x.com/cryptomichnl/status/1819274433908875739?s=46″ rel=”nofollow”>predicts that if bitcoin stays above $60,000 to $61,000, the cryptocurrency could experience an upward movement to new historical highs in September or October 2024.
Featured image created with Dall.E, chart from Tradingview.com