Bitcoin 04.02.2021 Price Evolution Analysis

By CSM TRADER | CSM TRADER | 4 Feb 2021

Bitcoin 04.02.2021 Price Evolution Analysis

by CSM TRADER

nº288

BTC Price U$ 37,459.

BTC price at Braziliex $ 202,136.

Price USD/BRL R$ 5.35.

Price EUR/BRL $ 6.42.

Price Gold 1g R$ 315.14.

Good morning to all readers.

Bitcoin price is on an upward trend above EMA 50 (H1) above the price area of U$ 36,500.

The price of Bitcoin in some past sessions tested the price area of U$ 37,325 and after some sessions the price of Bitcoin continued to advance above the price area of U$ 38,000 where it tested the price area of U$ 38,710 where it failed to advance above it and entered in negative corrections.

Now at the time of writing the Bitcoin price is still supported above the EMA 20 in the U$ 37,380 price area.

It will be necessary for the Bitcoin price a good advance above the EMA 5 (H1) in the U$ 38.620 price area.

With the Bitcoin price above the price area of $38,620 the attempts to move up the price area of $38,710 will occur again and with that the possibilities of moving up the great resistance in the price area of $38,800 and $39,000 may arise.

In the case mentioned above, if the Bitcoin price manages to exceed these price areas, a good advance above the price area of $39,220 and $39,360 may occur and attempts to search the price area of $40,000 may appear.

On the other hand, if the Bitcoin price fails in the attempts to move upwards from the $37,620 or $38,220 price area, the negative corrections will happen again and this time they may extend downwards from the $37,220 and $37,000 price areas and still move downwards from the $36,780 price area.

Only a good and well consolidated advance over the $38,000 price area can occur again, and positive advances over the $38,440 and $38,66 price areas may be attempted.

A good daily closing above the price area of U$ 37,616 has been made.

For today a good closing of the diary would continue above the price area of U$ 37,600.

The buyers are still in control of the situation because they are still above the central line of the Bollinger Bands.

The buyers need to stay above the central line of BB to not let the sellers start taking care of the situation.

In the case mentioned above, if sellers manage to get control of the situation below the Bollinger Bands center line, they can create the necessary disadvantages below the price areas of $37,300 and $37,000.

It will be extremely important for buyers in the short term a good advance up the EMA 5 (H1) and then a good advance above VWAP in the price area of $ 37,760, so that they can "breathe" a little, and with that, they can extend these positive developments up to $ 38,000.

Buyers still need to protect the U$ 37,000 price area at any cost in order not to have great disadvantages with sellers below this price area.

A good closing of the diary was made by the buyers above the price area of U$ 37,600.

For today the buyers need to give the continuity of a closing of the daily one above the area of price of U$ 37.480 or better still above the U$ 37.740.

It follows the buyers reacting above the price area of U$ 37,700 where they are already a little above the EMA 5 (H1).

Bitcoin TODAY at Braziliex: H1

The price of Bitcoin at Braziliex gave continuity to excellent evolutions above the price areas of R$ 194,600 and R$ 198,000.

The price of Bitcoin today at Braziliex follows above the price area of R$ 197,600, as well as the price area of R$ 204,000.

The price of Bitcoin at Braziliex at some previous sessions only had positive evolutions above the price areas of R$ 197,000 and R$ 198,600 where now little has tested the price area of R$ 205,500.

It will be extremely important for the price of Bitcoin at Braziliex to give continuity of consolidations and positive evolutions above the price areas of R$ 196,600 and R$ 197,000.

If the price of Bitcoin at Braziliex fails to evolve above the price area of R$ 205,000 and R$ 208,220 the negative corrections will appear and thus may extend below the price areas of R$ 200,000 and R$ 197,200.

Only a good advance well consolidated above the price area of R$ 205.000 to continue positive evolutions above the R$ 206.600 and R$ 208.000.

The buyers at Braziliex continue to control the situation and continue with great developments above the price area of R$ 200,000.

The buyers need to continue to consolidate above the R$ 198,000 price area in order for the developments to continue.

If the buyers fail in evolutions above the price area of R$ 205.000 where they have already made a test above it, the sellers at Braziliex will be able to enter in the control of the situation and with this they will create the disadvantages that they will be able to follow below the price areas of R$ 200.000 and R$ 198.200 and still be able to extend themselves below the R$ 197.000 where the buyers will have to bar the sellers to have no more losses below the R$ 196.600.

It follows the buyers in Braziliex in an attempt to continue positive developments above the price area of R$ 200,000 and still need to protect the price areas above R$ 199,000 and R$ 200,000, in the short term.

Resistance: R$ 204,002 // R$ 205,585 // R$ 207,373 // R$ 209,314.

Supports: R$ 200,999 // R$ 198,751 // R$ 196,754 // R$ 194,455.

https://www.tradingview.com/x/9hzAuNOI

Graph H4:

The price of Bitcoin follows above EMAs, above Ichimoku Cloud and supported by VWAP.

The price of Bitcoin needs to give continuity of consolidations and positive evolutions above the price area of U$ 37,220.

Now at the time of writing the Bitcoin price follows in the price area of $37,700 and needs the positive advance continuity above the price area of $38,000 to follow above the $38,320 where for the next sessions a test lap in the price area of $38,700 may arise.

If the Bitcoin price fails to advance above the $38,000 price area and $38,220 the negative corrections may arise and go back below the $37,560 price area.

Buyers are still in control of the situation and are managing to move away from the BB central line; which is very important at this time.

Only a good advance of the buyers over the U$ 38,000 and U$ 38,320 price areas to get out of a big risk area would be to stay with the Bitcoin price below the U$ 37,500 price area.

If buyers fail to advance above $38,000, sellers may create the disadvantages of falling below the $37,500 and $37,220 price area.

Follow buyers with positive advancements up the $37,740 price area.

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$ 37.868 // U$ 38.924 // U$ 38.711 // U$ 39.222.

Supports: U$ 37.621 // U$ 37.195 // U$ 36.797 // U$ 36.333.

https://www.tradingview.com/x/Ew6h6RhJ/

Graph H1:

The price of Bitcoin follows above the EMAs and well above the Ichimoku Cloud; however the price of Bitcoin is still below the VWAP where it will have to evolve above it so that the positive evolutions happen above the price area of U$ 37,800, in the short term.

The price of Bitcoin will need a good consolidation between the price areas of U$ 37,400 and U$ 37,800 to give the continuity well sustained above the price area of U$ 38,120 and U$ 38,320 because these price areas will have large quantities of sales.

The buyers are still in control of the situation and are having the difficulties of positive advances upwards of the U$ 37.800 price area.

If buyers fail in the short term to move the Bitcoin price above the $38,000 and $38,120 price areas, the sellers will take advantage of the moment and will be able to control the situation where they can create the disadvantages below the $37,500 and $37,220 price areas, where buyers will have to defend the $37,000 price area because below this the disadvantages may be much greater.

Buyers want a new test in the $38,700 price area where if they can overcome this price area, the positive developments can follow to a new price level up to $39,000 and go in search of the $40,000, so expected again.

Follow the buyers in the attempt to evolve the price of Bitcoin above the price area of U$ 37,600 and U$ 37,700.

Resistance: U$ 37.707 // U$ 37.814 // U$ 37.931 // U$ 38.023.

Supports: U$ 37.501 // U$ 37.344 // U$ 37.196 // U$ 37.051.

https://www.tradingview.com/x/9wx76xUL/

Technical indicators: H1

RSI: The RSI on the BTC H1 chart time is at level 6 and with a bearish bias.

https://www.tradingview.com/x/51uVMDNb/

MACD: MACD on BTC's chart time is at the positive 298 level and with a bearish bias.

https://www.tradingview.com/x/QICr8LDW/

OBV: The OBV in BTC's H1 graphic time is at level 899 and bias upwards.

https://www.tradingview.com/x/xAaFJlE3/

M5 Graph:

The price of Bitcoin follows below BB's central line and below VWAP, but inside Ichimoku Cloud.

It will be necessary for the Bitcoin price to go above the Ichimoku Cloud so that evolutions above the center line and above VWAP can occur and still extend above the U$ 37,780 price area.

The buyers follow with the good consolidations above the price area the U$ 37,000.

Resistances: U$ 37.569 // U$ 37.682 // U$ 37.767 // U$ 37.845.

Supports: U$ 37.452// U$ 37.302 // U$ 37.192 // U$ 37.034.

https://www.tradingview.com/x/xoXZbet1/

BTC dominance 62.27%

"Always sell what shows you a loss, and keep what is giving you a profit. "---- Jesse Livermore

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