Bitcoin Price Evolution Analysis 02.24.2021
by CSM TRADER
nº299
BTC price U$ 50.300.
BTC price at Braziliex R$ 283.030.
USD/BRL price R$ 5.44.
Price EUR/BRL BRL R$ 6.61.
Price Gold 1g R$ 316.39.
Good morning to all readers.
Bitcoin price follows in an uptrend above the $49,660 price area.
The Bitcoin price a few sessions ago had the negative corrections up to the price area of $44,892.
After the negative corrections the Bitcoin price began its positive recovery above the U$45,000, U$47,000 and U$50,000 price areas, where it even tested the U$51,373 price area.
The price of Bitcoin found great difficulties in surpassing this price area of $51,373, and with that, still made a double top (H1) pattern where downside corrections could continue below the price area of $50,000 and $49,500; if the price of Bitcoin fails to surpass this price area and evolve above $52,000.
If this continuation of negative corrections continues downwards from the price area of U$45,000, the possibilities of negative advances downwards from the price areas of U$44,000 and U$42,000 could arise, and still visit the price area of U$40,000.
Only a good advance above the EMA 50 and 100 (H1) to invalidate a downside correction is about to emerge again.
A daily close has been made above the $48,882 price area.
For today a good daily close will be above the $48,500 price area.
A close above the $52,000 price area would be very important to reverse any bearish situation that may still arise and continue.
A daily close above $52,000 could take Bitcoin's price above $54,000 and $55,000.
Buyers have managed to regain control of the situation above the U$47,300 price area.
Buyers face great difficulty in breaking through the strong resistance in the U$51,200 price area.
If buyers fail to follow through with positive moves above the $51,500 and $52,220 price areas, the disadvantages created by sellers will reappear below the $49,600 and $48,880 price areas where they could extend below $47,440 again.
Only a good, consolidated advance by buyers above the $52,220 price area will get them out of a major risk area of further losses, which is to get Bitcoin's price below $50,000.
Buyers need to push the Bitcoin price above the 100 EMA (H1) to start getting comfortable in control of the situation.
The fight continues between buyers and sellers to try to hold the price of Bitcoin above the $50,000 price area.
Bitcoin TODAY at Braziliex: H1
The Bitcoin price today at Braziliex is still in an uptrend staying above the R$280,000 price area.
The Bitcoin price at Braziliex a few sessions ago even tested the R$250,000 price area, where it managed to halt further downward corrections to below the R$230,000 price area.
Now at the time of writing, the price of Bitcoin on Braziliex follows in the price area of $ 282,900 where it continues with great difficulty to overcome the price area of $ 288,000.
It will be extremely important this advance in the price of Bitcoin on Braziliex above R$ 290,000 and R$ 300,000, so that the negative corrections are invalidated, and with that the positive developments above R$ 310,000 may arise.
On the other hand, if the Bitcoin price on Braziliex fails with its positive evolutions above the R$ 290,000 and R$ 300,000, the negative corrections could continue below the R$ 280,000 and R$ 275,600 price areas where the possibilities of another test or even a breakout in the R$ 250,000 price area could appear.
Buyers on the Braziliex still remain in control of the situation above the R$280,000 level, where they need to continue positive advances above the R$290,000 price area in the near term.
If buyers on Braziliex lose control of the situation below the $280,000 price area, sellers could again create the downside below the $276,600 and $268,800 price areas where buyers will have to try to stop sellers above the $260,000 price area in order not to risk further downside below $255,600.
It follows buyers in an attempt to keep the Bitcoin price on Braziliex above the R$280,000 and R$277,600 price area.
Resistances: R$ 282,942 // R$ 285,256 // R$ 288,021 // R$ 289,763.
Supports: R$ 281,825 // R$ 279,896 // R$ 277,774 // R$ 276,216.
https://www.tradingview.com/x/NnZ6OUpH
H4 chart:
Bitcoin price follows above the 100 and 5 EMA, however still remains below the 20 and 50 EMAs and low on the Ichimoku Cloud and the BB centerline.
Now at the time of writing the Bitcoin price follows in the $50,772 price area for another breakout attempt at the $51,000 price area.
If the Bitcoin price were to fail in these breakout attempts in the U$51,000 and U$51,200 price areas for the next few sessions, the downside corrections could move back below U$50,000 and follow up below U$49,760 and U$49,500.
Only a good advance above the EMA 50 for the possible continuation of positive advances above the $51,720 price area.
Buyers are again attempting positive advances above the $51,000 price area.
It will be important that buyers continue to advance above the $51,000 and $51,500 price areas so that they do not get exhausted by attempts, and with that, sellers will take control of the situation where they can continue to move downwards from the $50,000 and $49,500 price areas.
Follow the buyers as they attempt to evolve with the Bitcoin price towards $51,000.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 51,493 // U$ 52,432 // U$ 53,509 // U$ 54,552.
Supports: u$ 49,200 // u$ 47,949 // u$ 46,837 // u$ 45,690.
https://www.tradingview.com/x/eIpdlHs5/
H1 chart:
Bitcoin price follows above the EMA and 20 and above the BB centerline, but low on the EMAs 5, 50, 200 and 100.
Bitcoin price needs the continuation of positive developments up EMA 50 for the return of breakout attempts in the upside of the $51,000 price area.
If the Bitcoin price manages to break above the $51,220 and $51,560 price areas the possibility of positive breakouts above the $53,220 and $53,800 price areas could arise.
If the Bitcoin price fails to evolve upwards from $51,000 the odds of negative advances downwards from the $50,220, $50,000 and $49,760 price areas could arise and further extend downwards from $48,500.
Buyers are in control of the situation above the BB centerline, where they need advances above the $52,000 price area to get out of an area and risk further losses.
If sellers manage to get Bitcoin's price down below $50,000 the downside could show up below $49,800 and $49,500 where buyers will have to try to bar sellers above the $48,500 price area.
It follows buyers with the difficulties of keeping the Bitcoin price above the EMA 5.
Resistances: U$ 50.459 // U$ 50.901 // U$ 51.391 // U$ 51.848.
Supports: u$ 50,033 // u$ 49,465 // u$ 48,628 // u$ 48,202.
https://www.tradingview.com/x/8OVaw2QW/
Technical indicators: H1
RSI: The RSI on the H1 chart time frame for BTC is at the 74 level and has a bearish bias.
https://www.tradingview.com/x/oqDpQpuF/
MACD: The MACD on BTC's chart time is at positive level 157 and stabilized.
https://www.tradingview.com/x/VFYCfxSv/
OBV: The OBV on BTC's H1 chart time is at the 1.027 level and stabilized.
https://www.tradingview.com/x/inXYMn66/
BTC dominance 61.26%.
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nº299
