A cryptocurrency analyst has meticulously outlined a detailed list of key levels and optimal entry points for investors. bitcoin-quant-leading-metric/” rel=”nofollow noopener” target=”_blank”>Buy and sell bitcoin (btc) for potential profits.
Key levels to watch in btc price action
A cryptocurrency analyst identified as 'Scient' took to x (formerly twitter) on July 22 to x.com/crypto_scient/status/1815469504211612150?s=46″ rel=”nofollow” target=”_blank”>discuss several key levels for bitcoin-now-ultimate-bias-guide/” rel=”nofollow noopener” target=”_blank”>Buying and selling bitcoinThe analyst provided an in-depth analysis on btc/bitcoin-price-dive-60k/” rel=”nofollow noopener” target=”_blank”>Crucial areas to consider on btc price action, highlighting the importance of this analysis for current btc owners and secondary traders.
A detailed chart marking bitcoin’s key zones is shared and it is emphasized that the first crucial point to keep a close eye on is the S/R mid-range level. According to Scient, the market is currently at this level, which spans between $65,300 and $66,500.
The analyst revealed that the longer btc/bitcoin-price-consolidates-66k/” rel=”nofollow noopener” target=”_blank”>bitcoin price consolidates Above this level, the probability of reaching new all-time highs will be higher, suggesting a bitcoin-death-cross-td-9-sell-brace-impact/” rel=”nofollow noopener” target=”_blank”>excellent sales opportunityScient has also revealed that bitcoin has had three daily closes above the Range-Mid S/R level, making the trend increasingly bullish.
Discussing the mid-range S/R level for btc, Scient also highlighted possible scenarios for bitcoin-hit-80000-in-2024-analysts-give-insight-into-future-price-movements-alongside-ethereum-solana/” rel=”nofollow noopener” target=”_blank”>bitcoin Price Movements Based on the market conditions and key levels, the cryptocurrency analyst revealed that further compression from the mid-range level towards the $72,000 price mark for bitcoin will result in a decent rise. bitcoin-news/bitcoin-recovery-stalls-hodlers-selling-pressure/” rel=”nofollow noopener” target=”_blank”>Selling pressure around this area without an immediate breakout to new all-time highs.
He further added that this area would be a good area to take profits or go short in a scalping trade. Scalping here means when investors execute very short-term trading strategies that require buying and selling cryptocurrencies quickly to make quick profits from small price changes.
The second scenario involves bitcoin closing below the S/R mid-range zone again, indicating an opportunity for Acquire cryptocurrency at a lower priceScient noted that the range lows between $59,000 and $60,000 represented a strong buying zone where there was a confluence of the 1-day EMA 200, the 1-day FVG, and the 1-day demand.
According to the cryptocurrency analyst, if investors take advantage of this crucial area, it could provide another great opportunity for scalping. In addition, Scient identified another crucial factor: btc buy zonelocated between $57,256 and $55,888. The cryptocurrency analyst noted that this second buy zone is a “must hold area,” representing a 2019 macro diagonal trend support. He also revealed that losing this diagonal support could lead to a bitcoin-downtrend-until-gbtc-is-liquidated/” rel=”nofollow noopener” target=”_blank”>Prolonged downtrend for bitcoinsignaling the beginning of a long winter.
bitcoin eyes a breakout towards $100,000
In its publication, Scient revealed that bitcoin could experience bullish momentum. bitcoin/bitcoin-price-headed-to-100000/” rel=”nofollow noopener” target=”_blank”>Breakout to new all-time highs around $100,000He highlighted his optimistic outlook for btc, attributing his bullish sentiment to the current strength of the market.
The analyst described his ideal market scenario as a compression in the bitcoin-bearish-signal-nvt-golden-cross-sell-zone/” rel=”nofollow noopener” target=”_blank”>sales area from bitcoin’s current position, followed by several weeks of consolidation between the sell zone and Range-mid, culminating in a price breakout above $100,000.
Featured image created with Dall.E, chart from Tradingview.com
