Bitcoin Price Evolution Analysis 03.01.2022

by CSM TRADER                                                                                                                

 Nº 496

BTC price U$ 46.900.  

Price USD/BRL R$ 5.57.

Price EUR/BRL R$ 6.32.

Price Gold 1g R$ 326.30.

Good morning to all readers.

MicroStrategy buying more BTC regardless of price:

MicroStrategy has once again doubled its holdings in bitcoins with another purchase. This time, the company spent almost $100 million to add more BTC to its gigantic holdings. The company that has been buying bitcoin since 2019 has made good on its promise to invest heavily in the digital asset and has been the only company to continue buying in the downturn.

MicroStrategy announced that it has bought more bitcoins to add to its balance sheet. The publicly traded company bought a total of 1,914 BTC between December 9 and December 29. Each of the BTC was purchased for an average of $49,229 and the total cost of the Bitcoins purchased came to $94.2 million.

MicroStrategy CEO Michael Saylor logged into his Twitter account to share the news of the purchase with his followers. Saylor, who is a vocal advocate of Bitcoin, is one of the reasons why the company began buying the digital asset after he revealed his holdings to the board and demonstrated his returns.

MicroStrategy has become known for being the publicly traded company with the largest holdings of bitcoins in the world. However, less well known is the fact that it remains one of the main drivers of institutional investment in the digital asset.

Bitcoinist reported that MicroStrategy alone accounted for about 71.4 percent of all BTC holdings by companies. With its most recent purchase, the company has no doubt raised that number even higher, widening the gap between it and other companies that currently use bitcoin on their balance sheets.

The price of Bitcoin follows a downtrend below the price area of $47,750 and the 100 EMA (H1).

The price of Bitcoin in the past sessions has tested the price area of $48,000 and failing to follow through with positive developments above this price area, came back with negative corrections below the price areas of $47,500, $47,000, and testing the price area of $46,605; and still staying below the Ichimoku Cloud.

Now at the time of writing the Bitcoin price is tracking in the U$ 46,946 price area.

The Bitcoin price needs to hold above the U$ 46,500 price area to follow through with consolidations and attempt positive developments upwards to the U$ 47,000 and U$ 47,680 price areas, where it will have to enter the Green Ichimoku Cloud.

If the Bitcoin price fails to make positive moves above $47,220 and enters the Ichimoku Cloud, the downside corrections will test for the breakout of the $46,500 and $46,120 price area, where below $46,000 the downside corrections could proceed below $45,780 and look for the breakout of the $45,500 price handle once again. Once the support is broken the downside corrections will go below $45,000 and $44,720.

Only above the price areas of U$47,500 and above the EMA 5, 20 and 50, for the Bitcoin price to begin to break out of a risk area of the negative corrections' turns to below U$46,600; and most importantly will still be a Bitcoin price recovery above U$48,000.

A Journal close was made above the $47,280 price area.

For today a Journal close above the U$47,500 price area would be important.

Buyers need to regain full control of the situation above the 100 EMA (H1) in order to not have the downside created by sellers below $46,500.

Follow the buyers in their attempts to enter the Ichimoku Cloud and positively evolve the Bitcoin price above $47,220 and thus break above the Ichimoku Cloud.

Major areas of Resistance - U$47,200, U$47,500 and U$48.00.

Major Support areas - U$46.800, U$46.500 and U$46.120.

H4 chart :

Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud. It will be of utmost importance for the upcoming sessions, that the Bitcoin price positively advances above the EMAs 5 and 20 and still supports above the Ichimoku Cloud Conversion Line (blue line) for further consolidations to be made where possible positive developments could follow for attempts above $47,500 and $47,800.

If the Bitcoin price comes to fail in the positive advances upwards from the Ichimoku Cloud Conversion Line, the negative corrections will go below U$47,000 where a search for the bottom formed in the U$45,500 price area could take place.

Follow the buyers in their attempts to continue the positive developments upwards above the EMA 5 and above $47,000.

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$ 47,245 // U$ 47,563 // U$ 47,928 // U$ 48,413.

Supports: U$ 46.789 // U$ 46.355 // U$ 45.891 // U$ 45.627.

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

H1 chart :

Bitcoin price is moving above the 5, 20 and 50 EMA and entering the Ichimoku Cloud, but is still below the 100 and 200 EMA.

The Bitcoin price needs to continue with positive moves above $47,220 and stay above the 50 EMA for further consolidations to attempt positive moves above $47,500 and $48,000 or even above the 200 EMA.

If the Bitcoin price fails to open a candle above the EMA 100 in the short to and stay in consolidations above it, the negative corrections will return to below the U$47,000, and may still go in search of the bottom formed in the U$46,600 price area.

Only with continued consolidations and positive developments above the EMA 50 will the Bitcoin price begin to break out of a risk area of negative corrections back below $46,600.

Follow the buyers in their attempts to follow through with the Bitcoin price above the EMAs 20 and 50.

Resistances: U$ 47.252 // U$ 47.456 // U$ 47.633 // U$ 47.825.

Supports: U$ 46,963 // U$ 46,765 // U$ 46,600 // U$ 46,385.

https://www.tradingview.com/x/Di2DdSpW/

Dominance: 40.50 %

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Nº 496