Bitcoin Price Evolution Analysis 03.17.2021

by CSM TRADER                                                                                                                

 nº314

 BTC price U$ 54.950.  

BTC price at Braziliex R$ 313.460.

USD/BRL price R$ 5.62. 

Price EUR/BRL R$ 6.69.

Price Gold 1g R$ 310.25

Good morning to all readers.

Bitcoin price is still in a downtrend below the $56,000 price area.

The Bitcoin price failed to make the necessary advances above the U$57,220 price area, and also failed to stay supported above the EMA 50 (H1), where it again began the negative corrections below the U$56,000 and U$55,000 price areas.

The Bitcoin price just now at the time of writing has even tested the $54,326 price area and is still below the EMAs and below the Ichimoku Cloud.

Only a new top and a daily close above the price areas of $57,220 and $57,500, for the price of Bitcoin to return with its consolidations and positive developments above the $57,800 price areas, and attempts to break above the major resistance of $58,000 could occur again.

In the case mentioned above, if the Bitcoin price fails in the short term to evolve upwards from the U$55,660 and U$56,120 price areas, the negative corrections will continue where these could move back below the U$55,000 and still continue downwards from the U$54,600 and U$54,120 price areas, where a test up to the U$53,500 price area could emerge again, for the next few sessions.

If the Bitcoin price breaks through the U$53,500 price area the possibilities of a negative advance into the U$53,220 and U$52,800 price areas could occur.

Only a good, strong advance in the Bitcoin price above the 50 and 100 EMAs for the Bitcoin price to break out of a risk area of further negative corrections, for the next few sessions.

A daily close was made above the $56,898 price area.

For today a daily close above the $56,500 price area would be important.

The ideal is still above $57,000.

Sellers remain in total control of the situation below the center line of the BB (Bollinger Bands), in the $55,800 price area.

Now at the time of writing, buyers follow with the Bitcoin price in the U$55,100 price area and are in the attempt to evolve the Bitcoin price above the EMA 5 (H1) in the U$55,400 price area.

Buyers will have a heavy job with the Bitcoin price in continuing positive developments upwards from the U$55,800 and U$56,360 price areas for the next few sessions.

Only a good, consolidated positive advance by buyers above the $56,660 price area will allow them to and need to make the consolidations above this price area and with that the chances of a positive advance above $57,120 could occur.

If buyers fail to continue positive developments above $56,320 for the next few sessions, sellers will continue to create the downside below $55,000 and $54,600.

In the case mentioned above, buyers will need to at all costs bar sellers above the $54,000 price area, as below this price area the downside created by sellers could extend below $53,720 and $53,360.

Buyers need to continue building strong support above the $54,120 price area, so that possible moves above $57,000 and $58,000 can occur in the medium term.

Buyers just can't afford to lose the $53,000 price area to sellers, as a test of the $52,000 and $51,000 price areas is not ruled out yet.

Buyers are still trying to stop sellers above $54,600, and they still need to continue the sequence of positive moves above $55,500, which will not be an easy job in the short term.

Bitcoin TODAY at Braziliex: H1

The Bitcoin price on Braziliex is still trending upwards above the R$300,000 price area.

The Bitcoin price on Braziliex failed to continue its positive developments above the R$324,000 price area, and with that the negative corrections started to appear; and they continue up to this moment of writing, where the Bitcoin price on Braziliex is in the R$313,357 price area.

It will be extremely important for the Bitcoin price at Braziliex to continue consolidations above the R$300,000 price area, so that positive developments can emerge above the R$316,000 and R$318,220 price areas, for the next few sessions.

If the Bitcoin price on Braziliex does not achieve the necessary evolutions to stay above the $318,500 price area with the consolidations, the negative corrections downwards from the $315,000 and $313,200 could continue and with that the possibilities of further negative corrections downwards from the $308,600 and $304,500 price areas could arise.

A break below the R$ 300,000 price area could take the Bitcoin price below the R$ 297,500 price areas.

Only a good breakthrough and with consolidations above the R$ 320,000 price area, for the Bitcoin price on Braziliex, to break out of a large risk area of further downside corrections to below the R$ 315,000.

Resistances: R$ 315,458 // R$ 318,030 // R$ 319,840 // R$ 321,412. 

Supports: R$ 312,552 // R$ 310,599 // R$ 308,599 // R$ 306,695.

https://www.tradingview.com/x/tlWwfU1H

H4 chart:

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

For Bitcoin price to return with its positive developments it would have to stay above the 50 EMA in the short term, which seems like a not easy task for now.

The Bitcoin price still remains supported above the EMA 100, where if it loses it, negative corrections could follow through for a test at the EMA 200, where it is in the $50,800 price area

Sellers remain in full control of the situation where they are with the Bitcoin price in the $54,878 price area, now at the time of writing.

Sellers could gain even more strength if they continue to create the downside below the U$54,600 and U$54,320 price areas.

Only a strong, well-consolidated upside advance by buyers above $55,500 to get out of a risk area.

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$ 55.897 // U$ 56.808 // U$ 57.810 // U$ 58.933.

Supports: u$ 54,501 // u$ 53,377 // u$ 52,315 // u$ 49,990.

https://www.tradingview.com/x/PdK7xlr2/

H1 Chart:

Bitcoin price follows below the EMAs and still below the Ichimoku Cloud.

The price of Bitcoin continues its negative corrections below the $55,500 price area.

The chances of the Bitcoin price continuing its negative corrections below the $55,000 and $54,500 price areas could still occur.

Bitcoin's price would need a good breakthrough above the $56,000 price area, but the EMAs 5 and 20 will form strong resistance for such a feat in the near term.

Only a well consolidated advance to break them and still break the resistance line of the Ichimoku Cloud, and then the price of Bitcoin could gain the price area of $55,500 where it will be important a good consolidation above this price area, to give the sequence of positive advances above $56,000, a very complex job at this time for the price of Bitcoin to evolve.

Sellers remain in control of the situation with the Bitcoin price below the U$55,500 price area.

Sellers could still gain more strength and create the downside below the U$55.00 and U$54,760 price areas.

Buyers will have to try to continue to build strong support above the $54,500 price area to avoid serious downside below $54,000.

Follow the buyers in an attempt to hold and build strong support above the $54,500 price area.

Resistances: U$ 55,166 // U$ 55,578 // U$ 56,084 // U$ 56,449.

Supports: u$ 54,530 // u$ 54,059 // u$ 53,623 // u$ 53,141.

https://www.tradingview.com/x/ycEmu7D0/

Technical indicators: H1

RSI: The RSI on the H1 chart timeframe for BTC is at the 11 level and with bullish bias.

https://www.tradingview.com/x/nL6EQ5An/

MACD: The MACD on BTC's chart time is at the negative level -245 and has a bearish bias.

https://www.tradingview.com/x/qPMV5zlQ/

OBV: The OBV on BTC's H1 chart time is at the 1.09 level and with small bearish bias.

https://www.tradingview.com/x/WxIuA5s9/

M5 chart:

Bitcoin price follows below the BB centerline, below the Ichimoku Cloud and below the VWAP.

Bitcoin price continues strong with its downside corrections below the $54,800 price area now at the time of writing.

Sellers are attempting to continue the downside downwards from the $54,500 and $54,000 price areas where continuities of these downside could still proceed downwards from the $53,800 and $53,320 price areas.

Only a good "ladder" from buyers above $55,500 for attempts to begin to get back in control of the situation, which at this point seems to be very difficult to happen.

https://www.tradingview.com/x/2P6ISenG/

BTC dominance 60.38

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nº314