Why Bitcoin Traders Should Wait: BTC Analyst Highlights This Critical Range – Here’s His Outlook
Crypto analyst Zen warns traders about Bitcoin’s current market conditions. The leading cryptocurrency displays maximum choppiness, making intraday analysis challenging. Zen suggests a wait-and-see approach until Bitcoin reaches the bottom of its range.
The analyst identifies this range between $58,000 and $61,500. Zen cautions against intraday trading due to high chopout risks. He emphasizes the importance of understanding higher timeframe perspectives for better decision-making.
What you'll learn 👉
Bitcoin Price Analysis
Zen highlights two key zones for short-term traders. The upper zone is the developing May Value Area Low around $65,200. The lower zone includes the May Point of Control and developing quarter Value Area Low between $62,400 and $63,000.
The analyst advises against trading between these levels. This recommendation aims to minimize risks associated with choppy market conditions. Traders should focus on these key areas for potential entry or exit points.
Zen identifies several liquidity pools above and below current price levels. Above, traders should watch $64,910, $65,350, $66,570, and $67,400. Below, important levels include $62,680, $60,480, $58,720, and $55,685.
The analyst also notes key price levels from previous timeframes. These include the May high at $72,132 and various weekly and monthly closes. Traders can use these levels as reference points for potential support or resistance.
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Market Sentiment and Trend Analysis
Zen’s analysis includes a brief overview of market sentiment. The Fear and Greed index shows a slight decline, moving from 74 to 63 in recent readings. This shift suggests a cooling of market optimism.
The analyst also provides a concise trend assessment across different timeframes. However, specific details about these trends were not included in the shared information. Traders should consider multiple timeframes when making decisions.
Bitcoin’s current market conditions require cautious approach from traders. Zen’s analysis emphasizes the importance of patience and strategic planning. By focusing on key levels and understanding market structure, traders can better navigate this choppy environment.
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