Bitcoin Price Evolution Analysis 02.26.2021

by CSM TRADER                                                                                                                 

 nº301

 BTC price U$ 46.610.  

BTC price at Braziliex R$ 260.027.

Price USD/BRL R$ 5.53

Price EUR/BRL R$ 6.70

Price Gold 1g R$ 311.60.

Good morning to all readers.

Reminding that today we have the closing of the Deribit options.

The Bitcoin price is still trending down below the $48,000 price area.

The price of Bitcoin a few sessions ago had a strong positive advance above the $52,042 price area, but failed to sustain itself, much less continue consolidations above this price area.

In the case mentioned above, the Bitcoin price came to correct negatively and strongly downward from the U$50,000, U$49,000, U$48,000 price areas and even testing the U$44,104 price area, where it is back with its positive consolidations upward from the U$45,000 price area.

Now at the time of writing, the Bitcoin price is tracking in the $46,580 price area.

It will be necessary for the Bitcoin price to move out of a risk area of further declines to continue positive developments upwards from the U$47,550 and U$48,220 price areas and still maintain its consolidations above them so as not to have negative corrections downwards from the U$47,080 price area again.

In the case mentioned above, it will be a difficult task at this time for positive developments, because the Bitcoin price will face many resistances along its trajectory above U$ 47,000, U$ 48,000 and U$ 48,660.

Only a good and consolidated advance above the EMA 50 (H1) for the Bitcoin price to return to a positive position, and also, with the continuities of positive advances above U$49,220, to exit a possible continuation of corrections where these may this time extend below U$43,460 and U$42,500.

A daily close has been made above the $46,520 price area.

A good close today would be above $47,220.

Only a close above $50,000 to invalidate further downside corrections below $49,000.

Sellers remain in control of the situation where they have taken advantage of a failure by buyers to try to move above the $52,120 price area.

In the case mentioned above, buyers tried to move above the $52,000 price area but came to fail soon, and with that, sellers took control of the situation where they created the downside that started at the $52,042 price area and went on to test the $44,104 price area, all in less than 24 hours.

Now at the time of writing, sellers are still in control of the situation where they could still create more downside to below the U$46,500, U$46,000 and U$45,500 price areas where they could still try to take the Bitcoin price below the last bottom formed in the U$44,104 price area, where still the possibilities of negative advances to the U$43,500 and U$42,320 price areas will not be totally ruled out.

Only a good and consolidated advance of buyers above the resistances of $47,120, $47,760 and $48,220 which were already good supports to get out of a big risk area which would be to stay below $47,000.

Follow the buyers in an attempt to evolve the Bitcoin price above the price area of U$ 47,000.

Bitcoin TODAY at Braziliex: H1

Bitcoin price today on Braziliex, continues in a downtrend below the price area of $280,000 and $270,000.

The Bitcoin price on Braziliex failed to the continuity of positive advances upwards from the price areas of $285,000 and $290,000 and with that the negative corrections came and gave the continuity up to the price area of $256,500.

Now at the time of writing the Bitcoin price on Braziliex is tracking in the R$260,006 price area.

It will be of utmost importance that the Bitcoin price returns the attempts of positive developments upwards from the price areas of R$266,220 and R$272,440, for the upcoming sessions.

In the case mentioned above, if the Bitcoin price comes to be below the R$269,400 and R$272,220 price areas, negative corrections could continue below the last funnel formed which would be in the R$256,500 price area where negative corrections could continue below the R$252,660 price area.

Only a good and consolidated advance in the price of Bitcoin on Braziliex above R$270,000 to start invalidating the continuation of more negative corrections.

Sellers at Braziliex remain in control of the situation where they could still continue to create the downside below R$260,000 and R$258,500.

The buyers at Braziliex would have to evolve the Bitcoin price upwards from the R$270,000 and R$272,220 price area to get out of a major risk area of staying with the Bitcoin price at Braziliex below R$270.00 in the short term.

Follow the buyers on Braziliex in an attempt to evolve the Bitcoin price above R$269,000.

Resistances: R$ 269,135 // R$ 273,213 // R$ 276,930 // R$ 280,888. 

Supports: R$ 261,700 // R$ 257,142 // R$ 251,506 // R$ 247,308.

https://www.tradingview.com/x/LSH0kXT4

H4 chart:

Bitcoin price follows below the EMAs, below the VWAP and still low on the Ichimoku Cloud.

It will be important for the Bitcoin price of its continuing consolidations between the $45,800 and $46,700 price areas so that possibilities for positive advances upwards from the $47,000 and $47,220 price areas can occur.

If the price of Bitcoin should fail to continue the positive moves above $47,000, negative corrections could again emerge below the $46,000 and $45,660 price areas where they could still extend below $45,120.

Sellers remain in full control of the situation below the $48,500 price area and still appear to have the strength to create further downside below $45,500 again.

Only a strong advance by buyers above the $47,500 price area to try to continue positive developments above $47,800 and $48,120 would be of extreme importance for the coming sessions.

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$ 45.992 // U$ 46.907 // U$ 47.947 // U$ 49.154.

Supports: u$ 44.952 // u$ 43.870 // u$ 42.663 // u$ 41.623.

https://www.tradingview.com/x/8aPMYiCP/

H1 Chart:

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

Developments above the $47,000 resistance will be necessary for the Bitcoin price in the near term.

If the Bitcoin price were to fail once again in trying to break above the $47,000 price area the downside corrections could be stronger and proceed below the $46,000 and $45,660 price areas.

The possibilities of negative corrections below the U$45,000 price area are not ruled out yet; as the Bitcoin price does not get its positive evolutions above U$47,00 and U$47,340.

Buyers need a good evolution with the Bitcoin price above the price areas of U$47,220 and U$47,880 for the possible invalidation of further negative corrections below U$45,000 where it could still extend below U$44,500.

Only a good advance above the EMA 50 for buyers to get out of a large risk area of further losses.

Follow the buyers again in the price area of U$ 46,660 where they will try for once again the evolutions above U$ 47,000.

Resistances: U$ 48,873 // U$ 47,386 // U$ 47,898 // U$ 48,392.

Supports: u$ 46,196 // u$ 45,505 // u$ 44,916 // u$ 44,202.

https://www.tradingview.com/x/0LbGzdT0/

Technical indicators: H1

RSI: The RSI on the H1 chart time frame for BTC is at the 95 level and bullish bias.

https://www.tradingview.com/x/yJeO7JQj/

MACD: The MACD on BTC's chart time is at negative level -872 and with bullish bias.

https://www.tradingview.com/x/Y9XbDajg/

OBV: The OBV on BTC's H1 chart time is at the 982 level and stabilized.

https://www.tradingview.com/x/17SFhDYR/

M5 chart:

Bitcoin price follows above the BB centerline and above the VWAP and is still above the Ichimoku Cloud.

It will be important for the Bitcoin price to move above the $47,000 and $47,500 price areas in the near term.

If the Bitcoin price continues to fail in its attempts to move above $47,000, negative corrections below $46,000 will emerge and could still extend below $45,660.

If buyers in the fight with sellers to attempt evolutions above the $47,000 resistance.

Resistances: U$ 46,533 // U$ 46,678 // U$ 46,764 // U$ 46,846.

Supports: u$ 46,305 // u$ 46,219 // u$ 46,089 // u$ 45,984.

https://www.tradingview.com/x/4PDtZRte/

BTC dominance 62.44%.

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nº301