Bitcoin Price Evolution Analysis 03.05.2021
by CSM TRADER
nº345
BTC price U$ 58.400.
BTC price at Braziliex R$ 317,749.
USD/BRL price R$ 5.43.
Price EUR/BRL R$ 6.53.
Price Gold 1g R$ 306.98.
Good morning to all readers.
Bitcoin price is still in an uptrend above the $51,500 price area and well above the 100 EMA (H1).
Bitcoin price this weekend 01and 02.05.2021, tried to continue positive developments upwards from the price area of U$ 58,000, but without success; and went into negative corrections downwards from the price areas of U$ 57,500 and U$ 56,500, even testing the price area of U$ 56,035.
After a few sessions of consolidations, the Bitcoin price has returned with its positive consolidations upwards from the U$57,000, U$58,000 and U$58,500 price areas where just now it has reached testing the U$58,980 price area.
Now at the time of writing the Bitcoin price is tracking in the U$58,460 price area.
It will be necessary for the Bitcoin price to continue above the resistance of $59,000, and still be able to advance above the strong resistance of $59,500 which will be a very sellable price area.
If the Bitcoin price makes the necessary advances above $59,500 and still makes a good consolidation above $59,220 and $59,480 the possibilities of advances above $60,000 and $61,000 could arise.
On the other hand, if the Bitcoin price fails in the next few sessions to continue positive advancements above $59,000 and $59,500 the negative corrections will appear where they could go back below $58,000 and $57,500; where a stop above $57,220 will be important for the Bitcoin price not to go for a retest in the $56,050 price area.
The daily close was made above the $56,520 price area.
For today a good daily close would be above the $57,800 price area.
Ideally, a close above the $58,520 price area would be ideal.
Buyers remain in control of the situation where they need continued positive moves above the $59,000 and $59,550 price areas and a stabilization above $59,660 so that they do not give room for sellers to take control of the situation below $59,466 where they can create the downside that could go below $59,000 and $58,666.
Buyers eyeing the U$62,120 price area.
Bitcoin TODAY at Braziliex: H1
The Bitcoin price today on Braziliex continues in an uptrend above the $300,000 price area.
The Bitcoin price at Braziliex this weekend 01 and 02.05.2021, followed in consolidations between the price areas of R$ 309,220 and R$ 314,666.
Now at the time of writing, the price of Bitcoin on Braziliex follows in the price area of R$ 317,800.
It will be important for the Bitcoin price at Braziliex to remain above the $312,600 price area so that consolidations can be made above this price area and with that, the possibilities of positive advances upwards from the $320,000 and $322,500 price areas can occur.
If the Bitcoin price on Braziliex comes to fail in these developments above the R$ 320,000 for the next few sessions, the possibilities of the negative corrections back below the R$ 312,500 and R$ 310,000 could re-emerge.
Follow the buyers on Braziliex in an attempt to evolve the Bitcoin price above the R$ 320,000 for the next sessions; where they still need strength to bar the sellers above the R$ 312,500 price area to avoid losing the R$ 310,000 price area.
Resistances: R$317,857 // R$319,067 // R$320,026 // R$321,007.
Supports: R$ 316,716 // R$ 315,460 // R$ 314,250 // R$ 312,689.
https://www.tradingview.com/x/fbDec9qE
H4 chart:
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
It will be important for the Bitcoin price for the next few sessions to stay above the EMA 5 to avoid negative correction turns below $57,600.
Only a good and consolidated advance and stability above $59,220 is needed, so that possible moves above the big resistance of $59,500 can take place.
The possibilities of positive advances above $60,000 and $62,000 are still not ruled out, once the Bitcoin price makes a good base between the $58,500 and $59,500 price areas, to give the possibilities of positive advances above $60,000.
The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 58,978 // U$ 59,536 // U$ 60,149 // U$ 60,857.
Supports: U$ 58,270 // U$ 57,698 // U$ 57,126 // U$ 56,581.
https://www.tradingview.com/x/u0LN13OB/
H1 chart:
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
Bitcoin price needs to continue its positive moves above $59,000 and $59,220 for the next few sessions, and stay in consolidations above $59,120 for attempts at the $59,500 breakout.
Follow the buyers in the attempts of the positive breakthroughs above U$59,000, where, if they come to fail, the sellers could create the downsides below U$58,500 and U$58,000.
Resistances: U$58,965 // U$59,341 // U$59,698 // U$60,010.
Supports: U$ 58,614 // U$ 58,270 // U$ 57,964 // U$ 57,613.
https://www.tradingview.com/x/9SAGjaww/
Technical indicators: H4
RSI: The RSI on the H1 chart timeframe for BTC is at the 69 level and with bullish bias.
https://www.tradingview.com/x/i9UoONcJ/
MACD: The MACD on BTC's H1 chart time is at the positive 850 level and with a bullish bias.
https://www.tradingview.com/x/AttROodB/
OBV: The OBV on BTC's H1 chart time is at the 2.06 level and has a bearish bias.
https://www.tradingview.com/x/2e99k3Hj/
M5 chart:
Bitcoin price follows above the VWAP, above the BB centerline and above the Ichimoku Cloud.
Bitcoin price needs in the short term the positive developments above the $59,000 and $59,120 to not enter exhaustion by trying to advance above these price areas and with that the possibilities of negative corrections below the $58,500 could arise.
https://www.tradingview.com/x/axiJYmdR/
Dominance of the 48.15%
" Money is a good servant, but a bad master. " ---- Francis Bacon
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nº345
