Date: 26-nov-2024
Targeted Bitcoin Price Ranges for Buying
The speaker is anticipating a Bitcoin pullback and outlines two key price ranges that he considers attractive buying opportunities:
- Primary Buy Zone: $84,000 – $86,000: This range represents the speaker’s ideal entry point for Bitcoin. He believes that acquiring Bitcoin at these levels would be a significant discount and set up for strong gains when the market recovers. [1]
- Secondary Buy Zone: $89,000 – $90,000: The speaker acknowledges that this zone may be the first area where Bitcoin finds support during the pullback. While he prefers the lower range, he is prepared to buy in this zone if the price stabilizes there for a couple of days. [1]
Reasoning for Targeting these Zones:
- Market Psychology and Liquidations: The speaker predicts that the initial phase of the Bitcoin pullback will be quite aggressive, driven by fear and panic selling, particularly from leveraged long positions. This aggressive move is expected to create a “liquidation wick” that could push prices down to the $84,000 – $86,000 zone, presenting a prime buying opportunity. [1, 2]
- Historical Price Action: The speaker’s analysis of Bitcoin’s recent price action suggests a pattern of sharp upward moves followed by periods of consolidation and pullbacks. He anticipates a similar pattern to play out, with the current pullback offering a chance to buy before the next leg up. [2, 3]
- Dominance and Altcoin Correlation: The speaker observes that Bitcoin dominance is increasing, implying that altcoins could experience more significant price drops during the pullback. He sees this as an opportunity to accumulate both Bitcoin and altcoins at favorable prices. [3, 4]
- Weekly Chart Outlook: The speaker’s analysis of the weekly Bitcoin chart indicates that the current red candle could extend down to the $85,000 – $90,000 area. He predicts a few weeks of consolidation and sideways movement before the uptrend resumes.
Here are the coins and levels mentioned in the source:
- Phantom: The buy level is 885 cents [1]. There is a plan to put in 50% on this first limit order and the rest on the breaker trend [1].
- Solana: The buy level is between $210 and $200 [2]. A limit order will be placed at $207 on a 2X leverage [2].
- Injective: The two buy levels are $25.5 and $23. Limit orders should be placed at $23.5 first, then $25.5, giving a little more time to buy the second one [2]. The speaker believes that after this, the price will go to $50 [2].
- Near: The first buy level is around $5.9. A limit order will be placed at $5.8 on a 3X leverage [2].
- Rave: The buy level is $18.2 and a lower buy at $16 [3].
- Chainlink: The buy levels are $15.5 and $14. The speaker states that $15 is a good zone [3].
- Doge: The buy levels are 35 cents and 30 cents [3].
- XRP: The buy level is $1.2 [3].
- Theta: The speaker is unsure if they will buy this as it’s not pulling back [3].
- Polkadot: The buy level is $7.3 [4].
- Avax: The buy level is $36. The speaker thinks it will go to $80 [4].
- Thorchain: The buy levels are between $4.7 and $5. A limit order will be placed at $4.9 [4].
- Cardano: A limit order will be placed around 71-72 cents [5].