Analysis of Bitcoin Price Evolution 16.11.2020
by CSM TRADER
nº232
BTC price U $ 16,185.
BTC price on Braziliex R $ 88,799.
Price USD / BRL R $ 5.45.
Price EUR / BRL R $ 6.46.
Gold Price 1g R $ 333.62.
Good morning to all readers.
Bitcoin price follows an upward trend as long as it is above the $ 16,140 and $ 16,000 price range.
The price of Bitcoin over the weekend (15.11) came to visit the price area of $ 15,773 and with that it made a new fund just above the last fund formed at $ 15,668.
Bitcoin's price has even tested the $ 16,292 price range, where it is again encountering a difficulty and overcoming resistance in the $ 16,300 price range.
In addition to a breakthrough above the strong resistance of $ 16,300, Bitcoin's price needs further developments above the $ 16,400 price range in order to continue upward above the $ 16,550 and $ 16,600 price range; a job that is looking difficult and to be done for the next sessions.
This advance over the resistance area of the price area of the $ 16,300 will be extremely important for the next sessions so that the Bitcoin price does not go into exhaustion and with that it may enter a new correction and may return below the price area of the U $ 16,000 and may extend below the $ 15,800 price range.
If Bitcoin price does not stop at the last fund formed in the $ 15,773 price range, the disadvantages could continue to occur until the $ 15,550 price range and even visit the $ 15,200 price area.
A daily close was made above the $ 15,995 price range.
For today, a good close would be above the price range of U $ 16,080.
Purchases remain in control of the situation above the $ 16,000 price range.
Buyers are again trying to overcome the strong resistance formed in the $ 16,300 price range.
If buyers manage to exceed the price range of U $ 16,300 and U $ 16,400, the apprehensive advances above U $ 16,500 can appear and with that more positive advances can be expected.
This advance of buyers above the resistance of U $ 16,300 and U $ 16,360 will be important for the next sessions, so that the buyers do not go into exhaustion and with that they will be able to open the opportunity for the sellers to get in control of the situation, where the sellers will create disadvantages below the $ 16,000 price range.
If buyers are unable to stop sellers above the $ 16,165 and $ 16,000 support, the disadvantages may continue to the $ 15,900 price area where buyers will have to try again to stop sellers at any cost because below the price area of U $ 15,900 the possibilities of an advance below the price area of U $ 15,900 may occur and with that extend even below U $ 15,700.
Buyers closed the diary at a price of $ 16,955.
For today, it would be a good idea for buyers to close the daily above the price area of U $ 16,080, for the continuation of developments and consolidations above this price area.
It follows buyers in an attempt to advance above resistance above the $ 16,300 price range for the next few sessions.
Bitcoin TODAY on Braziliex: H1
The price of Bitcoin on Braziliex this weekend (14 and 15) was in a good price area with consolidations, corrections and developments above the price area of R $ 87,200.
The price of Bitcoin on Braziliex had a hard time exceeding the price range of R $ 90,000 and thus making another new historic price.
This advance above the R $ 90,000 price area will be necessary for more possibilities for positive advances above this area and new prices will appear.
On the other hand, if the price of Bitcoin on Braziliex is unable to exceed this price range of R $ 89,800 and R $ 90,000, the disadvantages may arise and with that the possibilities of a return below the price area of R $ 86,500 and R $ 85,600 may come up.
Buyers remain in control of the situation with the Bitcoin price on Braziliex above the price range of R $ 87,200.
It will be necessary for buyers to keep the Bitcoin price on Braziliex above R $ 87,140 for the next sessions, so as not to lose the consolidations and evolutions made so far and with that the evolutions above R $ 88,800 and R $ 89,400 may occur.
On the other hand, if buyers go into exhaustion by attempting to exceed the price range of R $ 89,500 the disadvantages created by the sellers will appear.
One made the sellers in control of the situation may create disadvantages that may go below the price areas of R $ 88,200 and R $ 87,400 where buyers will have to try to bar sellers above the price area of R $ 87,000 and R $ 86,800 for not have major disadvantages below these price areas.
It follows buyers in an attempt to evolve above the R $ 88,900 price range.
Resistances: R $ 88,841 // R $ 89,253 // R $ 89,738 // R $ 90,213.
Support: R $ 88,529 // R $ 88,026 // R $ 87,580 // R $ 87,073.
RSI: It is at level 99 and stabilized.
https://www.tradingview.com/x/sqIz4OMj
Graph: H4
Bitcoin's price remains above the EMAs and above the Ichimoku Cloud.
Bitcoin's price achieved a breakthrough above the resistance in the $ 16,300 price range and continues with its price above $ 16,318.
It will be necessary for the Bitcoin price to continue consolidating developments above the price range of $ 16,200 and $ 16,300 for a possible test in the price area of $ 16,500 for the next sessions.
The price of Bitcoin just cannot correct below the price range of $ 16,120 and $ 16,000 as there, the chances of negative advances below this price area could occur and extend below the $ 15,960.
It will be necessary for the price of Bitcoin to stay above EMA 50 in order not to have major disadvantages below that.
Buyers need to continue positive advances above the price range of $ 16,260 and $ 16,360 for the consolidations required for an advance attempt above $ 16,400 and $ 16,460 for the major advance above $ 16,500.
Resistances: U $ 16,488 // U $ 16,660 // U $ 16,809 // U $ 16,969.
Support: U $ 16,187 // U $ 15,984 // U $ 15,749 // U $ 15,534.
https://www.tradingview.com/x/8j7swF5C/
Graph: H1
Bitcoin's price remains above the EMAs and above the Ichimoku Cloud.
Bitcoin's price needs to remain above EMA 20 to continue positive developments above the $ 16,060 price range.
It is important that the Bitcoin price stays above the $ 16,200 price range in order to continue positive developments above the $ 16,300 price range.
Buyers managed to move the Bitcoin price up to the $ 16,392 price range.
It will be necessary to continue the evolution and consolidation above the price range of U $ 16,200 and U $ 16,300 for advances above U $ 16,360 to occur and with that the possibilities for advances above U $ 16,400 and a test above U $ 16,500 may occur for the next sessions.
Buyers will have to keep the Bitcoin price above EMA 50 in order not to start experiencing the disadvantages created by sellers below $ 16,000 and thus may extend below $ 16,800.
It follows buyers in an attempt to keep Bitcoin's price above the $ 16,280 price range to return positive developments above $ 16,390.
Resistances: U $ 16,394 // U $ 16,484 // U $ 16,555 // U $ 16,605.
Support: U $ 16,324 // U $ 16,234 // U $ 16,159 // U $ 16,062.
The price of Bitcoin remains above the 0.5% Fibo in the price area of the $ 16,278 in relation to the low of the $ 15,776 and should remain above the Fibo 0.618 in order to have no further disadvantages below that, reaching the price area of the $ 15,990.
It will be extremely important for buyers to advance above the $ 16,400 price range for the next sessions, or the disadvantages created by sellers may again appear below the support formed again in the $ 16,200 price area.
https://www.tradingview.com/x/8Xt0XsR2/
Technical indicators: H1
RSI: The RSI at the BTC chart's H1 time is at level 92 and has a downward bias.
https://www.tradingview.com/x/ziS8WiGc/
MACD: The MACD at the BTC chart time is at level 83 and has a bullish bias.
https://www.tradingview.com/x/EADrojzf/
OBV: The OBV in the BTC chart's H1 time is at level 169 and bearish bias.
https://www.tradingview.com/x/YB8vILeT/
Graph: M5
The price of Bitcoin remains above the EMAs 100, 50 and 20 may fall below the EMA 5 from where it should exceed it to give continuities of positive developments above it, and with that the evolutions above the price area of the $ 16,370 may happen again.
Buyers need to defend the EMA 20 in order not to have disadvantages below it, and as a result, sellers will be able to create disadvantages that could return to the $ 16,240 price range.
The buyers are still trying to defend the EMA 20.
Resistances: U $ 16,340 // U $ 16,374 // U $ 16,391 // U $ 16,418.
Support: U $ 16,311 // U $ 16,282 // U $ 16,260 // U $ 16,221.
https://www.tradingview.com/x/jZeYEV3C/
BTC dominance: 66.94%
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nº232
