Bitcoin Price Evolution Analysis 03.23.2021
by CSM TRADER
nº318
BTC price U$ 54.470.
BTC price at Braziliex R$ 304.600.
USD/BRL price R$ 5.50.
Price EUR/BRL R$ 6.54.
Price Gold 1g R$ 308.73.
Good morning to all readers.
Bitcoin price is still in a downtrend below the $55,500 price area and below the 100 EMA (H4).
The Bitcoin price a few sessions ago tried to break through the U$55,500 price area just after the daily close, but without success, and with that, it continued its negative corrections downwards from the U$54,000 and U$53,000 price areas, where it even tested the U$52,999 price area.
Now at the time of writing the Bitcoin price is tracking below the U$55,000 price area, where it is in the U$54,520 price area.
It will be necessary for a return to positive developments, that the Bitcoin price first manages to break through the resistance formed in the price area of $55,500, and with that, good consolidations above this price area will be necessary, so that in the short term the Bitcoin price can achieve the necessary developments above the strong resistance of $56,000 and $56,360.
Only a good, consolidated advance above U$ 56,500 for the possible attempts to get back above the U$ 57,000 price area.
On the other hand, if the Bitcoin price does not achieve these positive developments upwards from the U$55,000, U$55,500, and U$56,000 price areas for the next few sessions, there are risks of continuing negative corrections downwards from the U$54,600 and U$54,120 price areas, where another test in the U$53,120 price area could occur and yet the possibilities of downwards advances from the U$52,880 price area could arise.
Only a good Bitcoin price advance above the $55,500 price area or even above the 100 EMA (H4) for the Bitcoin price to break out of a large risk area of further downside corrections below $55,000.
A daily close was made below the $54,200 price area.
For today a good daily close would be above the $55,500 price area, as below this price area the downside corrections will continue their advance below $54,500.
The buyers failed to make a momentary comeback with the Bitcoin price above the $55,500 price area.
In the case mentioned above the buyers failed in their attempts to advance above the U$55,000 resistance, and with that, the sellers gave their continuity in control of the situation and continue to create the downside below U$55,000; where they have even tested the U$52,999 price area.
Now at the time of writing the buyers are trying for a positive advance above the U$54,800 and U$55,000 price areas.
It will be extremely important for buyers to make a positive move above the $55,120 price area to continue their consolidation above this price area and to try again to make a good move above the $55,500 price area.
If buyers can make the necessary advances above the $55,500 resistance the possibility of advances above $56,000 could occur.
Buyers need to continue the consolidation and positive developments above $55,000 so that sellers cannot regain control of the situation below this price area, and thus continue the downside with the price of Bitcoin below $54,500 and $54,000; where this time they could lower the price of Bitcoin below the $53,220 and $53,000 price areas.
The chances of sellers taking the Bitcoin price down to the $50,000 price area could still occur in the medium term.
Only a good, strong, and consolidated positive advance by buyers above $56,220 to get out of a high risk area of further downside, staying below $55,120.
Buyers continue to attempt again to break above the $55,000 price area.
Bitcoin TODAY at Braziliex: H1
The Bitcoin price today on Braziliex, continues in a downtrend below the R$ 310,000 price area.
The Bitcoin price at Braziliex a few sessions ago failed to attempt the positive developments above $325,000 and with that the negative corrections appeared below the price areas of $320,000, $316,000 and $306,000, where it even tested the price area of $299,510.
Now at the time of writing the Bitcoin price is tracking in the R$ 301,026 price area.
It will be necessary for the price of Bitcoin on Braziliex to continue consolidations and positive advancements above the R$ 306,600 so that there will be no more negative corrections below the price area of R$ 290,000 and R$ 286,600.
Only a good, consolidated positive advance above $312,600 for the Bitcoin price on Braziliex to get out of a risk area of further negative corrections.
Sellers at Braziliex remain in control of the situation with the Bitcoin price below the R$316,000 price area.
Buyers at Braziliex need a good, consolidated positive advance above $316,600, and for consolidations above this price area to begin, and with that, the possibilities of returning to control of the situation may arise, and still be able to return to attempts at consolidations and positive developments above $320.00.
If buyers fail to return with positive developments above the R$ 316,600, in the short term, sellers will give the continuity of downsides to below the R$ 306,600 and R$ 302,000 where they can after almost 1 month return with the price of Bitcoin to below the price areas of R$ 299,000.
Remembering that sellers at Braziliex have already made a test in the price area of $ 299,510.
Follow the buyers on Braziliex in an attempt to keep the Bitcoin price above the R$300,000 price area.
Resistances: R$ 307,880 // R$ 310,366 // R$ 312,144 // R$ 314,099.
Supports: R$ 304,685 // R$ 302,991 // R$ 300,953 // R$ 260,023.
https://www.tradingview.com/x/zPM9yEo3
H4 chart:
Bitcoin price follows below the EMAs and below the Ichimoku Cloud, however it follows above the EMA 200 (pink line).
The Bitcoin price needs to continue its consolidations to positive developments above the EMA 200, because below the EMA 200, negative corrections will gain strength where it could take the Bitcoin price to much lower areas, from the price areas of $52,600 and $51,800, even down to below $50,500.
Only a good, consolidated advance in the Bitcoin price above the EMA 100 will bring good positive advances back above the $55,500 price area, and attempts to break through the $56,000 price area could emerge.
Buyers need the positive advance above the $55,500 price area for the next few sessions.
If buyers fail to advance above $55,000 and $55,500 sellers will again create the downside below $55,000 and $54,400.
Follow the buyers as they attempt to advance above the $55,000 price area.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.
Resistances: U$ 54,890 // U$ 55,451 // U$ 56,034 // U$ 56,527.
Supports: U$ 54,106 // U$ 53,074 // U$ 52,110 // U$ 51,281.
https://www.tradingview.com/x/VTOSk2Uj/
H1 chart:
Bitcoin price still trails above the EMA 5 and above the VWAP, however it trails below the EMA 20, 50, 100 and 200 and below the Ichimoku Cloud.
It would be important that the Bitcoin price does not miss the EMA 5 and the VWAP, as below them, the downside corrections will follow below the $54,300 and $54,000 price areas.
Only a turn above the EMA 50 for the turns of possible positive developments above $56,000.
Buyers continue to have great difficulty keeping the Bitcoin price above the U$54,000 price area.
Sellers are in full control of the situation and continue to create the downside down to the $54,400 price area where at the time of writing they are now pricing Bitcoin in the $54,244 price area.
It will be of extreme importance for buyers to stop the sellers' attempts to create the downside with the Bitcoin price below $54,000, because below this price area the downside could go below $54,000 and $53,620.
It follows buyers in the "fight" with sellers above U$ 54,120.
Resistances: U$ 54,822 // U$ 55,116 // U$ 55,455 // U$ 55,805.
Supports: $54,254 // $53,691 // $53,235 // $52,878.
https://www.tradingview.com/x/oMinDMow/
Technical indicators: H4
RSI: The RSI on the H1 chart timeframe for BTC is at the 18 level and with small bullish bias.
https://www.tradingview.com/x/OBO25H0w/
MACD: The MACD on BTC's chart time is at the negative -931 level and has a bearish bias.
https://www.tradingview.com/x/8QXKCl0a/
OBV: The OBV on BTC's H1 chart time is at the 2.23 level and stabilized.
https://www.tradingview.com/x/nvnVWAUW/
M5 chart:
Bitcoin price follows above the BB centerline, above the VWAP and above the Ichimoku Cloud.
For positive developments back above the $54,500 and $55,000 price areas, the Bitcoin price will have to hold above the Ichimoku Cloud and provide continued consolidations above the BB centerline.
If the Bitcoin price were to fail in these developments and fall below the Ichimoku Cloud, the downside corrections will provide continuity below the $54,500 and $54,120 price areas.
It follows buyers breaking through the $55,000 price area.
https://www.tradingview.com/x/pVF87fB4/
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nº318
