Due to market volatility and Bitcoin (BTC) Price Fluctuationsidentifying the best times to buy the pioneering cryptocurrency can be a challenge. Taking this into consideration, one crypto analyst has identified key price levels for investors to monitor. potential purchasing opportunities.
Buy Levels to Watch Bitcoin Price
A crypto analyst identified as ‘Stockmoney Lizards’ took to X (formerly Twitter) on August 1 to to discuss Recent Bitcoin price movements, highlighting main buying levels and the cryptocurrency’s propensity for price growth. The analyst notes that Current Bitcoin Price Actions indicate a classic 5-wave uptrend followed by an ABC correction with an engulfing wave B.
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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 has historically acted as a resistance. This means that the price of Bitcoin may face difficulty breaking above this point.
The analyst further revealed that the price of $66,745 also acted as a resistance level for Bitcoin. It shows this critical level on the highlighted BTC price chart, emphasizing that the red line represents a Point of Control (POC) for the cryptocurrency.
Furthermore, the 1,618 Fibonacci Extension Levels for Bitcoin is identified as a potential support area for a new uptrend. The analyst disclosed that this crucial level coincides with the 0.5. Fibonacci Retracement Levels and the Value Area Low (VAL), which are important support levels.
Concluding his analysis, the crypto analyst suggested that the support area between $61,800 and $62,300 was a key buying level to watch. He noted that on the higher timeframe, Bitcoin’s potential uptrend was still intact, adding that if the cryptocurrency’s price drops below the $61,800 mark, then a further decline to test the 2.618 Fibonacci extension at $56,800 should be expected.
Overall, the crypto analyst is leaning towards a optimistic outlook for the short and medium-term timeframes on the price of Bitcoin. At the time of writing, Bitcoin was trading at $61,594, reflecting a 4.21% drop in the last 24 hours, according to CoinMarketCap.
BTC Poised to Breakout in September
Other analysts also remained relatively calm. bullish on Bitcoin pricepredicting rallies to new all-time highs for the pioneering cryptocurrency. According to a crypto analyst identified as ‘TOBTC’ on X, Bitcoin has experienced a significant decline in its price, falling below the $63,000 price mark.
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The analyst revealed that despite Bitcoin being rejected at the $70,000 resistance, a potential breakout is expected in September. This bullish sentiment is shared by another crypto analyst, Michael van de Poppe, who predictions that if Bitcoin holds above $60,000 to $61,000, the cryptocurrency could witness an upward movement to new historical records in September or October 2024.
Featured image created with Dall.E, chart from Tradingview.com
