Bitcoin 02.02.2021 Price Evolution Analysis
by CSM TRADER
nº286
Price of BTC U$ 35,327.
BTC price at Braziliex U$ 189,949.
Price USD/BRL R$ 5.43.
Price EUR/BRL $ 6.55.
Price Gold 1g R$ 326.56.
Good morning to all readers.
Bitcoin price continues on an upward trend above the price area of U$ 34,500.
The price of Bitcoin at some previous sessions was in large consolidations between the price areas of U$ 33,400 and U$ 34,120.
The price of Bitcoin was facing a strong resistance in exceeding the price area of $34,360 and $33,800.
Now at the time of writing the price of the Bitcoin was able to surpass the price areas of $34,500 and $34,800 and is above the price area of $35,220; well in the price area of $35,380.
It will be necessary for the Bitcoin price to remain above the $34,800 and $34,660 price areas in order to continue upwards from the $35,220 price area.
In the case mentioned above, the Bitcoin price needs to give positive evolution segment above the price area of $35,550 and $35,860 in order to evolve to the next price area that would be above $36,000.
An evolution upwards from the price area of $36,150 will be crucial to give the continuity of the upwards evolution to the attempts to overcome the resistance of $36,460 and $36,666.
If the Bitcoin price fails to give continuity upwards from the $36,000 price area negative corrections may arise and extend downward from the $35,500 and $35,220 price area where it can still extend downward from the support that was once resistance in the $34,800 price area.
It was made a closing of the journal below the price area of U$ 33,516.
For today a good closing of the diary would be above U$ 34,800/U$35,120.
The buyers returned to control the situation above the price area of $ 34,000.
The buyers made a good evolution with the price of Bitcoin to some past sessions, leaving the price area of $33,800 and only with positive evolutions above the price areas of $34,000, $34,500 and $35,000.
Now at the time of writing the buyers follow with the price of Bitcoin in the price area of $ 35,226.
It will be important for the buyers to continue the positive evolution above the price area of $35,660 and $35,800 to have the condition to try to break the price area of $36,000 and $36,120.
On the other hand, buyers will have to stay above the $34,800 price area, so that sellers do not begin to want to enter the control of the situation.
In the case mentioned above, if sellers manage to get into control of the situation below $34,800 they may begin to create the downsides to the $34,800 and $34,660 price area, and may still gain more strength and with that they may continue to negative developments down the $34,500 and $34,220 price areas; and thus invalidating the buyers' attempt to move up the $35,500 and $36,000 price areas.
A closing of the daily was made below the price area of U$ 33,516.
For today a good closing for buyers would be above the $35,000 price area.
The buyers need to give the continuity of consolidations and positive evolutions above the EMA 5 (H1).
It follows the buyers holding and consolidating the price of Bitcoin above the price area of U$ 34,910, where a test has already been done.
Bitcoin TODAY at Braziliex: H1
Bitcoin price at Braziliex today follows an upward trend above the R$ 184.600 price area.
The price of Bitcoin has continued to make positive advances over the price areas of R$ 184,000 and R$ 186,000 and has even tested the price area of R$ 190,550.
Now at the time of writing, the price of Bitcoin at Braziliex continues in the price area of R$ 187,460.
Very important for the price of Bitcoin at Braziliex, to give the continuity of consolidations and positive evolutions above the price area of R$ 184,460 and thus being able to evolve above the price areas of R$ 190,500 and R$ 194,220, for the next sessions.
On the other hand, if the price of Bitcoin at Braziliex does not manage to maintain itself above the price area of R$ 185,000, the disadvantages may appear below the price areas of R$ 182,220 and R$ 181,660.
The buyers at Braziliex remain in control of the situation above the R$ 184.000 price area.
It will be important for buyers in Braziliex to continue with the Bitcoin price with the consolidations and positive advances above the R$ 185,000 price area, because below this price area the sellers in Braziliex may start to create the disadvantages that may follow below the R$ 184,000 price area and with this still extend below the R$ 182,600 if the buyers cannot bar the sellers.
Follow the buyers at Braziliex in an attempt to evolve the price of Bitcoin above the R$ 190,000 price area.
Resistances: R$ 190.510 // R$ 191.993 // R$ 193.232 // R$ 194.576.
Supports: R$ 188.932 // R$ 187.324 // R$ 186.159 // R$ 184.660.
https://www.tradingview.com/x/TUCMP99E
Graph H4:
The price of Bitcoin follows above the EMAs and above the Ichimoku Cloud.
It will be important for the price of Bitcoin the continuity of consolidations and positive advances above the price area of U$ 35,000 and above the EMA 5.
If the Bitcoin price starts correcting down the EMA 5 the disadvantages may follow down the price area of $35,000 and go in search of the EMA 20 that is in the price area of $34,760.
Buyers go on consolidations with Bitcoin price above the $35,000 price area.
It will be extremely important that the buyers continue with the price of Bitcoin above the EMA 5 in order not to start having the disadvantages created by the sellers below it and still be able to understand up to the EMA 20.
Follow the buyers with the price of Bitcoin above the price area of U$ 35,250; now at writing time.
Only a good advance of the buyers above the price area of U$ 35.500 and U$ 36.660 to give the continuity of positive evolutions and try to surpass U$ 36.000 and U$ 35.150.
The graph in H4 will follow all week to have a parameter of Bitcoin price evolution. Only the resistance and support adjustments will be made.
Resistances: U$ 35.384 // U$ 35.929 // U$ 36.501 // U$ 37.073.
Supports: U$ 34.711 // U$ 34.057 // U$ 33.468 // U$ 32.847.
https://www.tradingview.com/x/cqIpas2n/
Graph H1:
The price of Bitcoin follows above the EMAs and above the Ichimoku Cloud.
The Bitcoin price needs to continue and consolidate above the price area of $35,000 and $34,800 in order not to start having the possible disadvantages below the price area of $34,700 and can still extend below $34,660 and $34,500.
Only a good and strong advance upwards from the price area of $35,500 and $35,800 to the price of Bitcoin give the continuity of positive evolution upwards from the price area of $34,500 and $35,000.
The price of Bitcoin still needs to remain above the EMA 5 to have the disadvantages below it.
The buyers continue to control the situation above the price area of $34,000 and $34,500.
Now at the time of writing buyers follow with the Bitcoin price above the price area of $35,100.
It will be necessary for the buyers to bar the sellers above the price areas of $35,000 and $34,800.
In the case mentioned above, if sellers manage to lower the Bitcoin price below the $34,800 and $34,760 price area the disadvantages may still extend below $34,600 where buyers need at any cost to reverse these disadvantages above the $34,500 price area in order not to lose even more with sellers.
It follows buyers in trying to bar sellers above the $34,860 price area or above the EMA 5.
Resistance: U$ 35.086 // U$ 35.459 // U$ 35.862 // U$ 36.149.
Supports: U$ 35.815 // U$ 34.413 // U$ 34.046 // U$ 33.677.
https://www.tradingview.com/x/ZwPqtE4C/
Technical indicators: H1
RSI: The RSI on the BTC H1 chart time is at level 81 and with a bearish bias.
https://www.tradingview.com/x/OzleA42Q/
MACD: MACD on BTC's chart time is at positive level 336 and bullish bias.
https://www.tradingview.com/x/RrRVm17G/
OBV: The OBV in BTC's H1 graphical time is at level 863 and low bias.
https://www.tradingview.com/x/u7KQQERk/
M5 Chart:
The price of Bitcoin follows below BB's center line inside Ichimoku Cloud, but above VWAP.
The price of Bitcoin needs to come out above the Ichimoku Cloud to give the continuity of positive advances up the price area of U$ 35,200.
It follows the buyers holding the Bitcoin price above the $34,800 price area, which will be very important not to start having the disadvantages down from it.
Resistances: U$ 34.964 // U$ 35.045 // U$ 35.138 // U$ 35.242.
Supports: U$ 34.819 // U$ 34.713 // U$ 34.612 // U$ 34.335.
https://www.tradingview.com/x/mQwD6EO1/
BTC dominance 62.71%
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nº286
