Bitcoin Price Evolution Analysis 03.01.2021

by CSM TRADER                                                                                                                

 nº302

 BTC price U$ 47.173.  

BTC price at Braziliex R$ 265.026.

USD/BRL price R$ 5.59.

Price EUR/BRL BRL 6.74.

Price Gold 1g R$ 307.54.

Good morning to all readers.

The Bitcoin price is still in an uptrend above the $45,000 price area.

After the Bitcoin price made its new ATH in the month of February 2021 in the price area of U$ 58,353, it began a bearish correction that reached a few sessions past in the price area of U$ 43,000; and with that making a monthly close below the price area of U$ 45,000.

In the case mentioned above, after the Bitcoin price tested the $43,000 price aera may 2 times, it began the positive developments upwards from the $45,000 price area and the EMA 50 (H1).

Now at the time of writing, the Bitcoin price continues its positive evolutions above the U$45,000 and U$46,000 price areas, where it is in the U$47,272 price area.

The Bitcoin price needs to provide its continuation of consolidations and positive developments above the U$46,500 price area or more importantly, above the EMA 100 (H1), for the positive developments to provide the continuation upwards from the strong resistance above U$48,000; where the odds of advances above U$50,000 will not be ruled out.

On the other hand, if the Bitcoin price were to fail in its continued positive developments upwards from $47,550 and $48,120, negative corrections could emerge and extend downwards from the $47,2120 and $46,740 price areas.

The Bitcoin price needs to remain at least above the U$ 46,220 price area in order not to lose all the positive developments made so far in the short term.

What is even more important for the Bitcoin price is its continued positive developments above the 200 EMA.

A daily close has been made above the price area of $45,123.

For today, a good daily close will be above the $47,660 price area.

Buyers have regained control of the situation above the $44,500 price area and are making good moves above $47,500.

It will be of utmost importance for buyers to follow through with positive moves above $48,000 and $48,440 for the next few sessions.

Buyers cannot afford to fail on positive advances above $48,000, as then sellers could take advantage and start creating the downside below the $47,660 and $47,220 price areas, where buyers will have to hold sellers back above the $46,120 price area in order to avoid getting further downside below this price area.

Buyers continue to attempt positive developments above the $47,780 price area where they will attempt advances above $48,000.

Bitcoin TODAY on Braziliex: H1

Bitcoin price on Braziliex had the negative corrections up to the $249,200 price area.

The Bitcoin price today on Braziliex is still in an uptrend above the R$260,000 price area.

The Bitcoin price on Braziliex needs to continue positive developments above the price areas of $260,000 and $268,000, where a good advance above the resistance in the price area of $270,000 will be necessary and with this the possibilities of advances above $276,000 could occur and still if there is a good consolidation the possibilities above $280,000 will not be ruled out.

If the Bitcoin price on Braziliex fails to continue its positive advancement above the R$ 274,000 and R$ 277,600 price areas, the negative corrections could reappear and with that, the possibilities of a return below the R$ 262,000 and R$ 260,000 price area could appear.

Buyers on Braziliex remain in control of the situation and need to continue positive developments upwards from the R$ 274,000 and R$ 276,000 price area for the next few sessions.

If buyers fail to make positive advances upwards from the R$276,600 and R$280,000 price areas, sellers on Braziliex will take advantage of the situation and will create the downside that could extend downwards from the R$266,000 and R$262,000 price areas.

Buyers on Braziliex need a good, consolidated positive advance above R$274,600 for the next few sessions.

Follow the buyers in the attempt for positive developments above the R$ 274,000.

Resistances: R$ 272,073 // R$ 274,087 // R$ 275,548 // R$ 277,155. 

Supports: R$ 271,451 // R$ 268,887 // R$ 267,390 // R$ 265,637.

https://www.tradingview.com/x/y893tjwd

H4 chart:

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

The Bitcoin price for continued positive advances, needs to stay supported above the EMA 50 and 100 for the next few sessions.

It will also be necessary for the Bitcoin price to evolve above the Ichimoku Cloud in the medium term, so that continued positive developments above $51,000 can be realized.

A good advance above the 50 and 100 EMAs will be necessary and important for buyers.

If buyers fail to advance above the 50 and 100 EMAs, sellers could take control of the situation and with that, the possibilities of creating downside risks below $47,120 and $46,760 could emerge.

Follow the buyers in an attempt to advance the Bitcoin price above the 50 and 100 EMAs.

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$ 48,106 // U$ 49,451 // U$ 50,201 // U$ 51,357.

Supports: u$ 46,668 // u$ 45,637 // u$ 44,511 // u$ 43,511.

https://www.tradingview.com/x/HfZZDAw1/

H1 Chart:

Bitcoin price continues its good developments above the 5, 20, 50 and 100 EMAs and is still above the Ichimoku Cloud, however it needs a good advance above the 200 EMA to follow through with positive developments above the $48,360.

The price of Bitcoin is in consolidations above the EMA 100, where continuity will be necessary for the upward movements above the $48,000 price area to occur and still rise above the EMA 200 (pink line) which will be excellent for the continuation of positive movements above $48,320.

If the Bitcoin price falls below the EMA 100 (white line) the negative corrections could continue below the VWAP (wine line) where it could complicate a return to positive advances above $47,000.

Buyers remain in full control of the situation and are looking to continue the advance above the strong resistance of $48,000.

Once the U$48,000 price area is made and conquered, buyers will have to keep the Bitcoin price in strong consolidations above U$48,120 to not lose all the good work done up to this point of writing where they are with the Bitcoin price area of U$47,800.

If the buyers fail in these evolutions above $48,000, the sellers will take control of the situation where they can create the downside below $47,220 and still be able to gain strength and extend the downside below $46,760 and $46,360.

It follows the buyers in an attempt to weaken the resistance of U$48,000 to give continuity of positive advances above U$48,000.

Resistances: U$ 48,156 // U$ 48,676 // U$ 49,351 // U$ 49,854.

Supports: $47,308 // $46,788 // $46,217 // $45,489.

https://www.tradingview.com/x/9fCUGg4o/

Technical indicators: H1

RSI: The RSI on the H1 time chart of BTC is at the 100 level and stabilized.

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

MACD: The MACD on BTC's chart time is at the positive 600 level with bullish bias.

https://www.tradingview.com/x/mX57wagh/

OBV: The OBV on BTC's H1 chart time is at the 1.02 level and with small bullish bias.

https://www.tradingview.com/x/GV90XeGV/

M5 chart:

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

Bitcoin price needs a continuation of positive developments above the $48,000 and $48,220 price area.

Only a good, consolidated advance above $48,550 for the Bitcoin price to make the possible sequences upwards from the $49,000 price area and go in search of the $50,000 price area.

Follow the buyers in the attempt to breakout in the U$48,000 and U$48,120 price area.

Resistances: U$ 47,821 // U$ 47,905 // U$ 47,997 // U$ 48,070.

Supports: U$ 47.672 // U$ 47.577 // U$ 47.465 // U$ 47.347.

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

BTC dominance 61.05%.

" We are made of flesh, but we must live as if we were made of iron. " ------- Sigmund Freud

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nº302