Bitcoin Price Evolution Analysis 03.11.2021
by CSM TRADER
nº310
BTC price U$ 54.800.
BTC price at Braziliex R$ 316.400.
USD/BRL price R$ 5.67.
Price EUR/BRL BRL 6.78.
Price Gold 1g R$ 317.36.
Good morning to all readers.
The Bitcoin price is still in an uptrend above the $53,500 price area.
The price of Bitcoin a few sessions ago made once again the second highest top, reaching the price area of $57,391 and thus falling just behind the ATH which is in the price area of $58,354.
After several attempts at breaking through the large and strong resistance at the price area of U$57,500, the Bitcoin price failed and with that came the negative corrections below the EMA 50 (H1) and below the price areas of U$57,000, U$56,000 and U$55,000 and even testing the price area of U$54,272.
Now at the time of writing, the Bitcoin price remains in the U$54,868 price area.
It will be necessary for the continuation of positive developments that the Bitcoin price advances in the short term at least above the U$55,500 price area, so that consolidations above this price area will return, and thus the Bitcoin price will exit a large area of risk of further declines, staying below the EMA 50 (H1).
In the case mentioned above, if the Bitcoin price stays above U$55,500 for a few sessions with its consolidations the possibilities for continued positive advances above U$56,220 will be underway.
If the Bitcoin price stays below the EMA 50 (H1) again for the next few sessions, it could go for the EMA 100 (H1) in the price areas of U$53,550 and U$53,120, where below these price areas the possibilities of continued negative corrections could extend below U$52,760.
Only a good, consolidated advance above the EMA 20 (H1) or above the $55,700 price area for the Bitcoin price to return to the possible attempts to evolve above $56,500 and $57,000.
A daily close was made below $56,000 in the $55,653 price area.
For today a good close would be above the $55,660 price area. The ideal would be above $56,220.
Sellers remain in control of the situation below the $55,500 price area.
Buyers failed to make the necessary moves above the $57,500 resistance and with that sellers took control of the situation where they even tested the $54,272 price area.
Now at the time of writing, buyers are trying to regain control of the situation above the $55,000 price area.
It will be very important in the near term that buyers manage to stay above the $55,500 price area and make the necessary consolidations again for continued positive advances above the $56,000 and $562,220 price areas.
If buyers fail to make these advances in the near term, sellers could continue to create the downside downside to the $54,500 and $54,120 price areas where they could look for a retest below the last bottom formed in the $53,003 price area.
Only a good and organized advance of the buyers and keeping the consolidations above the U$56,220 and U$56,500, to return to the possibilities of a breakout attempt above the U$57,500; in the medium term.
The buyers continue to try to evolve with the Bitcoin price above the $55,220 price area.
Bitcoin TODAY at Braziliex: H1
The Bitcoin price on Braziliex made another historic top in Brazil where it reached the R$ 330,000 price area.
The Bitcoin price on Braziliex is still in an uptrend above the R$306,000 price area.
It will be extremely important for the price of Bitcoin on Braziliex to continue consolidations and positive developments above the price area of R$ 311,260, for the return of new consolidation attempts above the price area of R$ 320,000 and with that the possibilities of more new ATH on Braziliex can appear above the R$ 330,000 and go towards the R$ 350,000.
If the Bitcoin price on Braziliex enters negative corrections below the R$ 310,000, the possibilities of negative advancements below the R$ 302,000 and R$ 299,000 could arise.
Buyers at Braziliex remain in control of the situation and are making excellent positive moves and consolidations above the R$300,000 price area.
The buyers at Braziliex have made another new historic top with the Bitcoin price at Braziliex and Brazil, where they have reached the R$ 330,000 price area.
Now at the time of writing, buyers at Braziliex are continuing with the Bitcoin price above the R$312,000 price area.
It will be extremely important for buyers at Braziliex, the continuation of consolidations and positive developments above the R$ 310,000 price area, because below this price area the sellers at Braziliex will begin to create the downside that could extend to below the R$ 300,000 and R$ 298,600.
Buyers on Braziliex are eyeing the R$350,000 price area to be conquered soon.
Follow the buyers on Braziliex in an attempt to evolve the Bitcoin price above the R$ 320,000 price area; which is already the old historical type.
Resistances: R$316,604 // R$318,727 // R$320,182 // R$322,244.
Supports: R$ 318,845 // R$ 313,026 // R$ 311,267 // R$ 309,387.
https://www.tradingview.com/x/5vDs1vCR
H4 chart:
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
Very important for the Bitcoin price to continue above the EMA 20 for the next few sessions.
The Bitcoin price has returned with its positive developments above the $55,220 and $55,500 price areas.
It will be necessary for the Bitcoin price to make further consolidations above the $55,120 price area so that the possibilities for positive advances above $56,000 can be completed of extending above $56,220 and with that further consolidations above it will be important for the Bitcoin price to move above $57,000.
If the Bitcoin price fails with its positive developments above $57,000 the negative corrections could emerge below $56,500 and $56,220.
Buyers remain in control of the situation and are holding the Bitcoin price above the EMA 5 (green line).
Buyers need to provide this continuity above EMA 5 so that they can evolve Bitcoin's price above U$56,000.
If the buyers fail to evolve the Bitcoin price above $56,500, the possibilities of the sellers' entry into control of the situation could occur, and with that, the sellers could try to create the downside below $56,000 and $55,800, where the buyers will have to bar the sellers above the $55,500 price area to not have further downside created by the sellers.
Follow the buyers in an attempt to move the Bitcoin price above the $55,800 and $56,000 price area.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.
Resistances: U$ 55,827 // U$ 56,357 // U$ 57,239 // U$ 57,828.
Supports: u$ 55,101 // u$ 54,277 // u$ 53,610 // u$ 52,865.
https://www.tradingview.com/x/i0fr9haC/
H1 chart:
Bitcoin price follows above the EMAs and above the Ichimoku Cloud, however it still follows below the center line of the BB ( Bollinger Bands ), which means that sellers are still in control of the situation or the selling trend still remains.
It will be necessary for the Bitcoin price to advance above the BB center line (red line) for consolidations and positive developments to go above the $56,000 price area.
If the Bitcoin price were to remain for a few sessions below the BB center line the negative corrections could go back below the U$55,400 and U$55,120 price areas.
Buyers need to follow through with positive moves above the U$55,800 and U$56,000 price areas in the near term to get out of a major risk area of holding the Bitcoin price below the BB centerline.
If buyers become exhausted by attempts to break through the BB centerline, sellers will remain in control of the situation and will continue to make negative advances below the $55,500 and $55,120 price areas where they can still extend these downside down to the EMA 50.
Follow the buyers in an attempt to evolve the Bitcoin price above the BB centerline or even above the U$ 56,000 price area.
Resistances: U$ 55,860 // U$ 56,195 // U$ 56,579 // U$ 56,925.
Supports: u$ 55,352 // u$ 54,943 // u$ 54,448 // u$ 54,039.
https://www.tradingview.com/x/oOEpbHXJ/
Technical indicators: H1
RSI: The RSI on BTC's H1 chart timeframe is at level 29 and with a bullish bias.
https://www.tradingview.com/x/KB0U1Oqz/
MACD: The MACD on BTC's chart time is at the positive level 9.95 and with a bullish bias.
https://www.tradingview.com/x/oGh4NRyq/
OBV: The OBV on BTC's H1 chart time is at the 1.07 level and with a bullish bias.
https://www.tradingview.com/x/9ShJMFqt/
M5 chart:
Bitcoin price is tracking above the BB centerline and above the VWAP.
It will be important for Bitcoin price to continue positive developments above the VWAP.
Buyers remain in control of the situation where they could provide continuity of positive developments above $56,500.
Resistances: U$ 55,209 // U$ 56,451 // U$ 56,717 // U$ 56,951.
Supports: u$ 55.822 // u$ 55.540 // u$ 55.274 // u$ 55.016.
https://www.tradingview.com/x/lDm6bbZy/
BTC dominance 62.25
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nº310
