Bitcoin Price Evolution Analysis 02.18.2021

by CSM TRADER                                                                                                                

 nº295

 BTC price U$ 51.890.  

BTC price at Braziliex R$ 283.123.

Price USD/BRL BRL 5.41.

Price EUR/BRL BRL 6.53.

Price Gold 1g R$ 308.62.

Good morning to all readers.

All this bullishness happening with the Bitcoin price may be related to several factors, among them are:

MicroStrategy may be buying an additional $900 million in Bitcoin.

BlackRock announced that it has begun looking at investments to buy Bitcoin.

More major digital asset companies have started to solicit Bitcoin ETFs again.

And out that the Bitcoin price is going through its third parabolic advance; which is being extremely rare, out of a range that goes up to 3.

The Bitcoin price is still in an uptrend above the $51,000 price area.

The price of Bitcoin a few sessions ago again made a new historic top in the world, reaching the $52,619 price area; or $940 more than its last ATH.

The Bitcoin price after trying a few times to continue positive advances above $52,500 where it was rejected came correcting up to the $51,293 price area where good support was formed.

Now at the time of writing, the Bitcoin price follows in the price area of U$ 51,915, and it seems that it will continue its positive advancements above the U$ 52,000 price area and go in search of another new ATH, possibly surpassing the U$ 53,000 and U$ 53,220 price area.

In the case mentioned above, it will first be necessary for the Bitcoin price to break through the $52,220 price area, and then it will have to break through the great resistance of $52,500, so that positive developments upwards of $52,680 and $53,220 can emerge.

If the Bitcoin price fails to break through these price areas, it could enter a downward correction and return to the price areas of $51,700 and $51,450 where below that the downside could be greater and extend below $51,000.

Continued positive developments above the 5 and 20 EMAs (H1) are necessary for the Bitcoin price to be successful in the near term.

A good daily close was made above the price area of $52,100.

For today a good daily close, and continued positive advances, would be above the $52,440 price area.

Buyers are almost back in full control of the situation above the BB centerline.

Buyers managed yet another new ATH overtaking the previous one and staying in the $52,619 price area.

Buyers went into exhaustion for attempts to continue positive advances above $52,500, and with that, sellers took control of the situation and drove the Bitcoin price up to the $51,293 price area, where buyers were able to bar sellers.

Now at the time of writing, buyers continue with the Bitcoin price in the $51,857 price area and are in attempts to evolve upwards to the $52,000 price area.

It is very important for buyers to continue positive advances up to the $52,000 price area, because if they fail to continue up to the $52,120 and $52,360 price areas, the disadvantages for sellers could appear again down to the $51,600 and $51,360 price areas, where buyers will have to stop sellers at any cost, because down to $51,000 the disadvantages could be much greater.

Buyers really want to break through the psychological price area of $55,000.

Follow the buyers as they attempt to make positive advances above the $52,000 price area.

Bitcoin TODAY at Braziliex: H1

Bitcoin price today on Braziliex continues in an uptrend above the R$250,000 price area.

The Bitcoin price at Braziliex has made another new historic high in Brazil, where it has reached the R$288,999 price area.

Now at the time of writing the Bitcoin price on Braziliex is tracking in the R$ 285,000 price area, and where it is in strong consolidation between the R$ 283,000and R$ 267,000 price areas.

It will be necessary for the Bitcoin price at Braziliex to continue positive developments and consolidations above the R$ 280,000 and R$ 298,600 price areas before the possibilities of a new ATH in the R$ 300,000 price area can emerge.

If the Bitcoin price on Braziliex were to fail with its positive advances upwards from the R$ 288,999 and R$ 290,000 price areas, negative corrections could begin to emerge and follow downwards from the R$ 284,600 and R$ 282,400 price areas.

It is important the consolidation continues for a good and sustained advance above the R$ 292,000 price area.

The buyers in Braziliex continue to control the situation and are with good consolidations above the R$280,000 price area.

It will be necessary for buyers on Braziliex to continue consolidations and positive advances above the R$286,000 price area and with that the attempts of a new ATH above the R$292,000 could emerge for the next few sessions.

If the buyers on Braziliex fail to move above the $290,000 and $296,000 then the downside made by the sellers could arise below the $285,000 and $284,400 where the buyers on Braziliex will have to stop the sellers at any cost in order not to lose the great advance made so far.

Follow the buyers on Braziliex in an attempt to evolve above the R$286,000 price area.

Resistances: R$ 285,043 // R$ 286,555 // R$ 288,319 // R$ 290,032. 

Supports: R$ 283,034 // R$ 281,219 // R$ 279,253 // R$ 277,187.

https://www.tradingview.com/x/UGqNj51R

H4 chart:

Bitcoin price is tracking above the EMAs and above the Ichimoku Cloud, however it is at below the VWAP.

It will be necessary for the Bitcoin price to make continued positive advances above the EMA 5 where it currently remains supported and still make continued positive advances above the VWAP.

The Bitcoin price needs to hold above the EMA 5 (green line) in order not to start having further downside below it, where a search for the EMA 20 (yellow line) could occur.

Buyers are presenting difficulties in continuing positive advances above the U$52,000 resistance.

Now at the time of writing buyers continue in the fight with sellers to try to keep Bitcoin's price above the U$51,500 price area.

It will be extremely important for buyers to be able to stop sellers above the $51,500 and $51,220 price areas because below these price areas, sellers will gain more strength and could take the Bitcoin price below the $51,000 and $50,800 price areas.

Follow the buyers first in an attempt to bar sellers above $51,500 and $51,220.

The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.

Resistances: U$ 51,887 // U$ 52,287 // U$ 52,607 // U$ 52,947.

Supports: u$ 51,467 // u$ 51,137 // u$ 50,786 // u$ 50,466.

https://www.tradingview.com/x/lzgs2OPe/

H1 chart:

Bitcoin price follows above the 50 and 100 EMAs and above the Ichimoku Cloud, however it still follows below the 5 and 20 EMAs and below the BB centerline.

It will be of utmost importance for the price of Bitcoin to continue and attempts to break out of the $52,000 price area and get back above the EMAs 5 and 20, because if negative advances below them continue; the odds of a search up to the EMA 50 could arise.

Buyers continue to have great difficulty at this time of writing in keeping the Bitcoin price above $51,500.

If sellers manage to advance below the support formed at the $51,260 price area, continued negative advances could extend below $51,000.

It follows buyers in an attempt to bar sellers above the $51,500, which will be of extreme importance for them to return with positive developments above the $51,760.

Resistances: U$ 51,664 // U$ 51,876 // U$ 52,150 // U$ 52,401.

Supports: $51,304 // $50,983 // $50,677 // $50,309.

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

Technical indicators: H1

RSI: The RSI on the H1 time chart of the BTC is at level 2 and stabilized.

https://www.tradingview.com/x/pVquwV7S/

MACD: The MACD on BTC's chart time is at positive level 273 and has a bearish bias.

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

OBV: The OBV on BTC's H1 chart time is at level 1.0 and has a bearish bias.

https://www.tradingview.com/x/hYX3tpe4/

M5 chart:

Bitcoin price is tracking below the BB centerline and below the VWAP.

It will be necessary for the Bitcoin price to stay above the $51,000 price area in order not to have further negative corrections below $50,780.

Follow the buyers in the difficulty of keeping the Bitcoin price above the U$51,500 price area.

Resistances: U$ 51,588 // U$ 51,706 // U$ 51,820 // U$ 51,926.

Supports: $51,323 // $51,209 // $51,054 // $50,920.

https://www.tradingview.com/x/5CpcSsQ9/

BTC dominance 61.45

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nº295