Bitcoin Price Evolution Analysis 03.11.2021
by CSM TRADER
Nº 458
BTC price U$ 63.080.
USD/BRL price R$ 5.68.
Price EUR/BRL R$ 6.58.
Price Gold 1g R$ 326.73.
Good morning to all readers.
PayPal cofounder Peter Thiel said that the price of Bitcoin points to an ongoing crisis in the economy. Thiel expressed that the price of Bitcoin reaching U$60,000 is an indicator of this crisis. Mainly, Thiel says, this is due to the frightening inflation rates that the country has been experiencing post-pandemic.
The Fed has been accused of recklessly printing money during this time, with no measures in place to affect the inflation it triggered, and as such has led investors to unconventional investment options to protect themselves from this inflation.
This is in line with the general sentiment toward financial markets. Goldman Sachs analysts have also pointed to rising inflation as a reason behind the growth of cryptocurrencies, revealing that they expect the price of Ethereum to rise another 80% if the inflation line continues on its current course.
Bitcoin's price is still in an uptrend above the $62,000 price area and above the 100 EMA (H1).
The Bitcoin price in the past sessions left the $61,500 price area and evolved up to the $63,360 price area in one candle, then continued the positive evolutions going to test in the $64,349 price area.
After this test and with a new top higher than its previous one in the price area of $63,790, it returned with the negative corrections up to the price area of $62,648, where it continues with consolidations above this bottom.
Now at the time of writing, the Bitcoin price is still in the $63,360 price area.
The price of Bitcoin needs to continue the positive developments above the last top formed in the $64,349 price area.
It will be of utmost importance that the Bitcoin price can break through and continue positive moves above the resistance of $63,500 and $63,790, so that new consolidations and positive moves can be made above $64,000 and $64,380.
If the Bitcoin price fails with positive evolutions above U$ 64,000 for the next few sessions and renews the top, the negative corrections could come back below the U$ 63,180 and U$ 63,000 price areas, where it could go for a test at the last bottom formed in the U$ 62,648 price area.
Only with the continuation of positive developments above the EMAs 20 and 5 and above the Ichimoku Cloud, for the price of Bitcoin not to enter into strong negative corrections.
A closing of the Journal above the price area of $63,260 was made.
For today it would be important to close the Journal above the $63,780 price area.
Ideally, a close above the $64,120 price area would be important.
Buyers are still in control of the situation and need to continue the positive moves above $64,000.
If buyers fail with these moves above $64,000 and $64,500, sellers will take control of the situation where they can pull the Bitcoin price back below the $63,500 and $63,120 price areas.
Major Resistance areas - U$63,500 U$64,000 and U$64,480.
Major Support areas - U$ 63,120, U$ 62,666 and U$ 62,120.
H4 chart :
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
The Bitcoin price needs to make the continuities of positive developments upwards from the price areas of $63,780 and $64,000 for the coming sessions.
It will be important that the Bitcoin price continues its consolidations and positive developments above the EMA 5 so that it does not open a candle below it and come back with negative corrections down to the U$63,000 and U$62,666.
Only with continuations above $64,000 will the Bitcoin price get out of a risk area of negative corrections back below the EMA 5.
Buyers continue in their attempts to move the Bitcoin price above the $63,600 price areas, which will be of extreme importance for the coming sessions.
The chart on H4 will follow the whole week to have a parameter of the Bitcoin Price Evolution. Only some adjustments will be made.
Resistances: U$ 63.634 // U$ 64.367 // U$ 64.913 // U$ 65.435.
Supports: U$ 63.026 // U$ 62.492 // U$ 62.008 // U$ 61.425.
https://www.tradingview.com/x/PWdLlL84/
H1 chart :
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
The price of Bitcoin follows a little above the EMA 5 where it should remain in the short term to follow the positive developments above $63,500, so that it can get out of an area and risk the turns of the negative corrections below $63,000.
If the Bitcoin price manages to make these short-term positive moves above the $63,500 resistance, the positive moves will continue towards the $64,000 price area and may even extend above $64,500 and test at $65,000.
It follows the buyers in attempts to keep the Bitcoin price above the Emma 5 a will still have to evolve the Bitcoin price above the U$63,500, lest the sellers get in control of the situation and create the downsides back below the U$63,000 and U$62,780.
Resistances: U$ 63,583 // U$ 63,936 // U$ 64,342 // U$ 64,722.
Brackets: U$ 63,110 // U$ 62,771 // U$ 62,404 // U$ 62,066.
https://www.tradingview.com/x/yWh3v5Tu/
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Nº 458
