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Bitcoin

How To Win With Bitcoin: Crypto Analyst Outlines Important Levels For Buying

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A crypto analyst has meticulously outlined a detailed list of key levels and optimal entry points for investors to buy and sell Bitcoin (BTC) for potential profits.

Key Levels To Watch Out For In BTC’s Price Action

A crypto analyst identified as ‘Scient’ took to X (formerly Twitter) on July 22 to discuss several key levels for buying and selling of Bitcoin. The analyst provided an in-depth analysis on crucial zones to watch out for in BTC’s price action, highlighting the importance of this analysis to current BTC owners and sideliners. 

Related Reading: Shiba Inu’s Shibarium Takes A Beating Across Major Metrics, A Cause For Alarm?

Sharing a detailed chart marking Bitcoin’s key zones whilst emphasizing that the first crucial point to keep a close watch on was the Range-Mid S/R level. According to Scient, the market is currently at this level, which spans between $65,300 and $66,500. 

Bitcoin
Source: X

The analyst revealed that the longer Bitcoin’s price consolidates above this level, the higher the probability of reaching new all-time highs, suggesting a prime selling opportunity. Scient has also disclosed that Bitcoin has had three daily closes above the Range-Mid S/R level, making the trend increasingly more bullish.

While discussing the Range-Mid S/R level for BTC, Scient also highlighted possible scenarios for Bitcoin’s price movements based on market conditions and key levels. The crypto analyst disclosed that a higher squeeze from Range-Mid level level toward the $72,000 price mark for Bitcoin will result in a decent sell pressure around this zone without an immediate break out to new all time highs.

He further added that this zone would be a good area to take profit or go short on a scalp trade. Scalp trading here means when investors execute hyper short term trading strategies that require quickly buying and selling cryptocurrencies to gain fast profit from small price changes.

The second scenario involves Bitcoin closing back below the Range-Mid S/R zone, indicating an opportunity to acquire the cryptocurrency at a lower price. Scient noted that range lows between $59,000 and $60,000 represented a strong buy zone where there was a confluence of 1-Day 200 EMA, 1-Day FVG and 1-Day demand. 

According to the crypto analyst, if investors tap into this crucial area, it could provide another great opportunity for scalp trading.  Additionally, Scient pinpointed another crucial buy zone for BTC, located between $57,256 and $55,888. The crypto analyst noted that this second buy zone is a “must-hold area,” representing a macro diagonal trend support from 2019. He also disclosed that losing this diagonal support could lead to a prolonged downtrend for Bitcoin, signaling the beginning of a long winter. 

Bitcoin Sets Sight On A Breakout To $100,000

In his post, Scient disclosed that Bitcoin could witness a bullish breakout to new all-time highs of around $100,000. He highlighted his optimistic outlook for BTC, attributing his bullish sentiment to the current market strength. 

Related Reading: Are Spot Ethereum ETFs Bullish For ETH Price? Analyst Reveals Bullish Setup

The analyst described his ideal market scenario as a squeeze into the sell zone from Bitcoin’s current position, followed by several weeks of consolidation between the sell zone and Range-mid, culminating in a price breakout exceeding $100,000. 

Bitcoin price chart from Tradingview.com
BTC price remains above $66,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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