Bitcoin Price Evolution Analysis 02.23.2021

by CSM TRADER                                                                                                                

 nº298

 BTC price U$ 48.025.  

BTC price at Braziliex R$ 267.001.

USD/BRL price R$ 5.46.

Price EUR/BRL BRL R$6.64.

Price Gold 1g R$ 320.17.

Good morning to all readers.

The Bitcoin price is still in a downtrend below the $50,000 price area.

The Bitcoin price in the past sessions followed with its strong downward corrections below the $55,000 price area as it failed to get back above it.

Now at the time of writing the Bitcoin price follows in the $48,012 price area and the possibilities of further downward corrections to the $47,500 and $46,600 price areas could arise and even extend below $45,000, where there has even been a test at $44,995.

Only a good advance above the $50,000 and $51,220 area for reversal attempts and the return of positive advances above $52,000.

A daily close was made below the $54,000 price area at the $53,500 price area.

Buyers lost complete control of the situation, where they failed to make the necessary advances above the $55,000 price area.

Sellers gave the sequence of negative advances downwards from the price areas of $53,000, $54,000 where they gained more strength and are now following at the time of writing in the price area of $47,890.

The odds of advancing downward from the $47,000 and $46,000 price areas could emerge for the next few sessions, and could still go below $40,000 if buyers fail to hold off sellers above the $42,000 price area.

Only a good advance of the buyers above $50,000 or trying to stop the sellers above $42,000 could reverse this critical situation for buyers.

Follow the sellers in their attempts to continue negative developments below $46,660.

Bitcoin TODAY at Braziliex: H1

The price of Bitcoin on Braziliex today, follows in a major correction below the $300,000 price area.

As reported in my previous Analysis, if the Bitcoin price on Braziliex were to miss the $280,000 price area the odds of continued negative advances below $276,220 could occur, and this is what is happening at this time of writing.

The Bitcoin price on Braziliex is continuing in negative corrections downward from the $270,000 price area where it is now at the time of writing in the $265,770 price area.

The odds of the continuation of negative corrections are still present and may extend below the R$262,000 and R$260,000 price areas with the possibilities of negative continuations below the U$258,000 and R$256,660 price areas.

Sellers remain in control of the situation on the Braziliex where they could still advance negatively below the R$260,220 and R$258,440 price areas for the next few sessions.

Only a good advance by buyers above the R$280,220 price area to try to reverse the situation they find themselves in at the moment.

Follow the sellers in Braziliex in the attempts of more negative advances below the R$ 260,000.

Resistances: R$ 270,004 // R$ 279,119 // R$ 286,932 // R$ 294,156. 

Supports: R$ 260,567 // R$ 253,188 // R$ 248,197 // R$ 241,686.

https://www.tradingview.com/x/Hqqb7ind

H4 chart:

Bitcoin price follows below the EMAs and below the Ichimoku Cloud.

The price of Bitcoin follows in a sharp correction below the $50,000 price area.

Now at the time of writing the Bitcoin price is in the $45,650 price area.

It will take the price of Bitcoin a return of positive advances above the $47,000 and $48,000 price area and strong consolidations above these price areas for further downward correction reversal attempts.

Sellers continue with full force below the $45,500 price area, now at the time of writing.

Buyers are at a critical juncture and are unable to stop sellers above the $45,000 price area.

The possibility of further negative advances by sellers could continue down into the $45,000, $44,600, and $43,000 price areas; where it will be paramount for buyers to stop sellers above $42,000, as below this price area, sellers will seek the price areas below $39,800.

Follow the sellers now at the time of writing with the Bitcoin price in the $45,760 price area and the possibilities for them to create more downside below $45,000 could occur.

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

Resistances: U$ 47.356 // U$ 49.678 // U$ 51.448 // U$ 52.885.

Supports: u$ 44,702 // u$ 46,601 // u$ 41,108 // u$ 39,560.

https://www.tradingview.com/x/jho8YpxR/

 H1 chart:

Bitcoin price continues with its negative corrections below the U$48,000 price area.

Bitcoin price is facing a strong buying area above the U$44,800 price area.

Only strong consolidations above the $45,000 price area to reverse this situation of negative corrections and attempts to move back above the $47,440 and $48,340 price areas could occur.

If the Bitcoin price continues negative advances below $45,000 the possibilities for advances below the $44,500 and $43,660 price areas could arise.

Sellers are facing a strong barrier from buyers above the $44,860 price area.

Only a good, consolidated advance by buyers above the $48,800 price area will be able to reverse the decline.

Buyers continue to fight with sellers to try to keep Bitcoin's price above the U$46,220 price area.

Resistances: U$ 46,592 // U$ 47,854 // U$ 48,947 // U$ 50,167.

Supports: $44,784 // $43,186 // $41,630 // $40,075.

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

Technical indicators: H1

RSI: The RSI on BTC's H1 chart timeframe is at level 27 and with small bearish bias.

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

MACD: The MACD on BTC's chart time is at the negative level -2057 and with a bearish bias.

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

OBV: The OBV on BTC's H1 chart time is at the 1.019 level and with minor bullish bias.

https://www.tradingview.com/x/Kn6l3QhX/

BTC dominance 63.09%.

" Discovery consists of looking at what everyone else is seeing and thinking a different thing. " ------- Roger Von Oech

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nº298