Bitcoin Price Evolution Analysis 03.16.2021

by CSM TRADER                                                                                                                

 nº313

 BTC price U$ 55.810.  

BTC price at Braziliex R$ 319.999.

USD/BRL price R$ 5.61. 

Price EUR/BRL  R$ 6.69.

Price Gold 1g R$ 312.72.

Good morning to all readers.

Bitcoin price follows me uptrend above the price area of U$ 53,500.

The price of Bitcoin after its negative correction that reached up to the price area of U$ 53,270, began a return of positive developments upwards to the price areas of U$ 54,000, U$ 55,000 and U$ 56,000.

Now at the time of writing the Bitcoin price is tracking in the U$ 55,838 price area.

It will be necessary and important for the Bitcoin price to continue its consolidations and positive developments above the U$ 54,800 price area, or to stay above the EMA 5 (H1), in the short term.

In the case mentioned above, if the Bitcoin price gives its continued positive developments above the U$56,500 and U$57,000 resistances, the probabilities of a good solid positive advance above the U$58,220 and U$58,680 price areas could arise and even extend above the U$59,120.

If the Bitcoin price fails to break above the EMAs 50 and 100 (H1), the negative corrections could reappear and with it turn to the price areas of $56,320 and $55,800, where a stop above $55,120 will be necessary to not continue these negative corrections down into the $54,760 and $54,340 price areas; below these price areas a retest below $53,400 could occur.

Only a good, consolidated positive advance above the EMAs 50 and 100 (H1), or even above $58,000, for the Bitcoin price to continue its bullish run and positive advances above $60,000.

A daily close above the $55,290 price area was made.

For today a daily close above the $57,220 price area would be very important.

Ideally, a daily close above $58,000 would be ideal.

Sellers have managed to drive the Bitcoin price up to the $53,270 price area.

After a few sessions the buyers managed to get into control of the situation and began their positive developments upwards to the U$54,000 and U$55,000 price areas.

Now at the time of writing, buyers follow with the Bitcoin price above the U$55,500 price area and above the center line of the BB (Bollinger Bands).

It will be extremely important that buyers manage in the short term the necessary evolutions to overcome the EMA 200 (H1) and with that the possibilities of advancing above the U$ 56,500 could occur, where buyers will still have to advance above the EMAs 50 and 100 (H1); to then continue their bullish move above the U$ 57,500 price area and the big resistance of U$ 58,000.

Once this resistance of $58,000 is broken, the possibilities of positive advances above $59,000 and $60,000 could reoccur.

On the other hand, if buyers fail in the near term negative corrections will again occur downwards from the $56,000 and $55,220 price areas.

If buyers fail to break through the $58,000 resistance the downside corrections should continue above the $56,000 price area, as below this price area the sellers will gain strength and with that the downside could continue below the $55,500 and $55,000 price areas.

Follow the buyers with the difficulty of positive advances above $56,000.

Bitcoin TODAY at Braziliex: H1

Bitcoin price today at Braziliex continues in an uptrend above the R$305,500 price area.

The Bitcoin price at Braziliex a few sessions ago continued negative corrections where it even tested the R$306,030 price area.

Now at the time of writing, the price of Bitcoin on Braziliex is still in the price area of R$317,500.

It will be necessary for the Bitcoin price on Braziliex of its continued consolidations and positive developments above the R$ 310,000 price area.

If the Bitcoin price on Braziliex comes to fail to give its continuity of positive advancements above the price area of the $320,000 and $322,000, negative corrections could appear again and evolve below the $317,000 and $314,500 price areas where the possibilities of a turn to test the $306,000 price area could arise.

Only a good, consolidated positive breakthrough above R$324,000 for the Bitcoin price to move out of a risk area which is to stay below R$320,000.

The buyers at Braziliex have returned in control of the situation above the R$310,000 price area.

It will be extremely important that the buyers at Braziliex keep the Bitcoin price above the R$310,000 price area for the next few sessions so that they can continue positive developments above the R$318,000 and R$320,000 price areas, and thereby get out of a large downside risk area.

If buyers at Braziliex fail to move beyond the price area of the $320,000 and $322,120, the downside believed by sellers at Braziliex will appear and still be able to extend below the $310,000 where it will be of utmost importance for buyers to bar sellers above the $308,220 price area, because below this price area sellers will gain more strength and where they will try to take the Bitcoin price at Braziliex below the $306,000 price area.

Follow the buyers in the attempt of positive developments above the R$ 320,000.

Resistances: R$ 320,464 // R$ 323,287 // R$ 327,163 // R$ 331,161. 

Supports: R$ 315,851 // R$ 312,096 // R$ 307,977 // R$ 304,100.

https://www.tradingview.com/x/tLdHK8cV

H4 chart:

Bitcoin price follows below the 50, 5 and 20 EMAs and below the BB centerline, however it still remains above the 100 and 200 EMAs and slightly above the Ichimoku Cloud.

It will be important for the Bitcoin price of its continuing consolidations above the 100 EMA and above the Ichimoku Cloud.

If the Bitcoin price were to fall below the EMA 100 for the next few sessions, around negative corrections below the $55,000 and $54,500 price areas could emerge and even this time extend below $53,500.

Only a good advance above the EMA 100 and 5 for the Bitcoin price to achieve its positive developments above the U$56,600 price areas and still face the EMA 20.

Buyers continue to have great difficulty making positive advances above the $56,000 price area again.

If buyers enter into exhaustion of attempts they could give sellers a chance to take control of the situation and with that they will create the downside pair below the $55,500 and $55,120 price areas.

It follows the buyers in the fight with the sellers to keep the Bitcoin price above the $55,500 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$ 55,905 // U$ 56,594 // U$ 57,332 // U$ 58,218.

Supports: u$ 55,069 // u$ 54,036 // u$ 53,200 // u$ 52,117.

https://www.tradingview.com/x/dWzpyP86/

H1 chart:

Bitcoin price follows slightly above the 5 EMA and above the BB centerline, however it still follows below the 20, 200, 50 and 100 EMAs.

Bitcoin price needs positive advances above the 200 EMA to invalidate a continuation of negative corrections to come.

Only a good, consolidated advance above the EMA 20 and 200 for the Bitcoin price not to begin its negative corrections below the $55,500 price area and still being able to give the sequence of negative corrections below $55,000 and $54,800.

Buyers are losing control of the situation where sellers should take control of the situation below the BB centerline which is their area.

Sellers will be able to create the downside below the U$55,500 and U$55,120 price areas where they can still extend it below the U$54,320 and U$54,080 price areas.

Only a good advance by buyers back above $56,500 to get out of further losses in the short to medium term.

Follow the buyers in an attempt to bar sellers above the U$55,000 price area which will be of extreme importance in the short term.

Resistances: U$ 55.942 // U$ 56.385 // U$ 56.773 // U$ 57.173.

Supports: u$ 55.455 // u$ 55.067 // u$ 54.667 // u$ 54.137.

https://www.tradingview.com/x/SP2bC53Q/

Technical indicators: H1

RSI: The RSI on the H1 chart timeframe for BTC is at the 91 level and with a bearish bias.

https://www.tradingview.com/x/qSOz0aYR/

MACD: The MACD on BTC's H1 chart time is at the negative -575 level and has a bullish bias.

https://www.tradingview.com/x/JeL4HTML/

OBV: The OBV on BTC's H1 chart time is at the 1.1 level and has a bearish bias.

https://www.tradingview.com/x/UOo9Wr4Q/

M5 chart:

Bitcoin price follows above the VWAP but below the BB centerline and needs to break above the Ichimoku Cloud for its positive developments to come back above the $56,080 and $56,120 price areas.

Sellers remain in full control of the situation with the Bitcoin price below the BB center line (red line)

Only a good and consolidated buyers' advance above the Ichimoku Cloud and above the BB centerline will bring the positive developments back above $56,000, otherwise the downside created by the sellers could give the downside sequence below $55,120 and $54,800.

https://www.tradingview.com/x/8ia0SepR/

BTC dominance 61.72

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nº313