Cryptocurrency analyst details key levels and optimal entry points for investors buy and sell Bitcoin (BTC) in order to achieve potential profits.
Key Levels to Watch for in BTC Price Action
A cryptocurrency analyst who goes by the name “Scientist” took to X (formerly Twitter) on July 22 to to discuss several key levels for buying and selling BitcoinsThe analyst provided an in-depth analysis key areas to pay attention to in BTC price movement, which highlights the importance of this analysis for current BTC owners and those holding side positions.
Sharing a detailed chart marking Bitcoin’s key zones, while also highlighting that the first key point to look at was the Range-Mid S/R level. According to Scient, the market is currently trading at this level, which includes $65,300 to $66,500.
The analyst revealed that the longer Bitcoin price is consolidating above this level, the greater the probability of reaching up-to-date record highs, which suggests excellent sales opportunityThe researchers also revealed that Bitcoin closed the day above the Range-Mid S/R level three times, which makes the trend increasingly bullish.
While discussing the Range-Mid S/R level for BTC, Scient also highlighted possible scenarios Bitcoin price movements based on market conditions and key levels. The crypto analyst revealed that a greater push from the Range-Mid level towards the Bitcoin price of $72,000 will result in a decent sell pressure around this zone without immediately breaking through to up-to-date historical highs.
He also added that this zone would be a good area to take profits or go low in scalp trading. Scalping trading here means that traders are executing hyper-short-term trading strategies that involve buying and selling cryptocurrencies quickly to make a quick profit from diminutive price movements.
The second scenario is that Bitcoin will close below the Range-Mid S/R zone again, which indicates the possibility buy cryptocurrency at a lower priceThe researchers noted that the lows between $59,000 and $60,000 represented a mighty buy zone where the 1-day 200 EMA, 1-day FVG, and 1-day demand converged.
According to the cryptocurrency analyst, if investors take an interest in this critical area, it could present another great scalping trading opportunity. In addition, Scient pointed out another key factor BTC buy zonelocated between $57,256 and $55,888. The crypto analyst noted that this second buy zone is a “must-hold area,” representing support for the 2019 macro diagonal trend. He also revealed that a loss of this diagonal support could lead to Bitcoin’s continuing downtrendheralding the beginning of a long winter.
Bitcoin is heading towards breaking through to $100,000
In his post, Scient revealed that Bitcoin may experience growth breaking through to up-to-date record levels of around $100,000He emphasized his confident view on BTC, attributing his bullish sentiment to the current market strength.
The analyst described his ideal market scenario as a squeeze sales zone 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
