Bitcoin Price Evolution Analysis 03.24.2021

by CSM TRADER                                                                                                                

 nº319

 BTC price U$ 56.160.  

BTC price at Braziliex R$ 312.317.

USD/BRL price R$ 5.52. 

Price EUR/BRL BRL 6.53.

Price Gold 1g R$ 305.58.

Good morning to all readers.

Bitcoin price is still in an uptrend above the $55,500 price area and above the 100 EMA (H4).

The Bitcoin price after severe negative corrections where it even tested the price area of U$52,999, tried to overcome the resistance of U$56,000 and came to fail, and entered negative corrections that reached the price area of U$53,510.

In a few more attempts, the Bitcoin price was barred in its attempt to break through the U$55,700 price area, where after a few sessions of consolidations and with a double bottom pattern, the Bitcoin price began its climb above the U$55,500, U$56,000 and U$56,500 price area.

The Bitcoin price has now just reached the U$56,666 area.

Now at the time of writing the Bitcoin price is still above U$ 56,000 and is in the U$ 56,270 price area.

It will be important for the Bitcoin price to continue its consolidations and positive advances above the $55,500 price area.

In the case mentioned above, the Bitcoin price needs to stay above $56,000 in the short term so that it does not enter into negative corrections below $56,000 and with that the odds of a test of the $55,500 price area could occur; where it is, it will have to stay above this price area so as not to have serious negative corrections below $55,000 again.

The Bitcoin price needs to continue its positive advancements above the $57,246 price area for further consolidations to occur above this price area, and with that the possibilities of a test or even positive advancements above $58,000 could occur.

If the Bitcoin price fails to make positive advances above $57,000, the negative corrections will appear and with that the possibilities of a return below $56,500 and $56,120 could occur; remembering that these negative corrections will have to stop above the $55,500 price area, because below this price area the continuities of negative corrections could extend below $54,360 and $54,000.

Only a good and consolidated positive advance above the big resistance of $58,000 and with new consolidations above it, for the return of attempts of a possible evolution to the tests above $60,000.

A daily close was made below the $54,360 price area.

For today a good daily close would be above the $56,000 price area.

Ideally, a close above the $57,220 price area would be ideal.

Buyers have regained control of the situation above the $55,500 price area.

Buyers have managed to break through the resistance of $55,500 and $56,000.

Now at the time of writing buyers are trailing in the $56,416 price area.

It will be of utmost importance that buyers follow through with consolidations and positive moves above the $55,800 price area, lest they lose all the good work done so far.

Buyers will have to continue positive advances above $57,000, with each positive advance, new consolidations will have to be made for a better, well-sustained bullish run.

If buyers can make the necessary advances above $57,500, the chances of a test or even a break above the strong resistance of $58,000 could occur.

For this bullish continuation above $58,000, buyers will need good consolidations above $58,500 where the possibilities for breakouts above $59,000 will arise.

If buyers fail in the near term to attempt positive advances above $57,000, negative corrections may emerge, where these cannot extend below $56,000 or even $55,780.

Below $55,500, sellers will take control of the situation and thus create the downside below $55,220 and $55,000, which may extend the downside below $54,800.

Only a good consolidation above the EMA 200 (H1), for buyers to continue with positive developments for attempts to break through the $57,000 price area.

Buyers continue the fight with sellers to keep the Bitcoin price above the EMA 100 (H1) at $56,080 and evolve the Bitcoin price above the EMA 200 at $56,550.

Bitcoin TODAY at Braziliex: H1

Bitcoin price today on Braziliex follows in an uptrend above the R$ 310,000 price area.

The Bitcoin price on Braziliex after strong negative corrections that reached the price area of R$ 296,000, has again followed with its consolidations upwards to the price area of R$ 300,000.

Now at the time of writing, the price of Bitcoin on Braziliex follows in the price area of R$ 316,199.

Continued positive consolidations and developments above the R$306,600 price area will be necessary for the Bitcoin price at Braziliex, so that possibilities for continued positive advances above the R$318,600 and R$320,000 price area can occur for the next few sessions.

If the Bitcoin price on Braziliex fails in its positive advances above the strong resistance of R$ 320,000, negative corrections could emerge below U$ 317,400 and R$ 315,000, where a stop above R$ 312,200 will be mandatory, so that the Bitcoin price does not lose the good developments made so far above R$ 310,000.

Buyers on Braziliex are regaining control of the situation above the R$310,000 price area.

It will be important for buyers on Braziliex to continue consolidations with the Bitcoin price above the R$310,000 price area for the next few sessions, where continued positive advances above R$318,000 and attempts to break above R$320,000 could emerge.

If the buyers on Braziliex fail with the positive advances above the $318,000 and $320,000, the sellers on Braziliex could get in control of the situation and with that begin to create the downside below the $316,000 and $314,000 where it will be of utmost importance for the buyers to bar the sellers above the $310,000 so that the downside does not extend below the $308,400.

Follow the buyers on Braziliex in the attempt for developments above the R$ 316,500 price area.

Resistances: R$ 312,421 // R$ 314,656 // R$ 316,454 // R$ 318,158. 

Supports: R$ 310,943 // R$ 309,003 // R$ 306,921 // R$ 304,915.

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

H4 chart:

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

It will be important for the continuation of positive developments that the Bitcoin price advances and still remains supported above the EMA 50 so that further consolidations and positive developments can occur, and with that the advances above $57,000 could emerge.

If the Bitcoin price fails with its positive advances above $57,920 and $57,000, negative corrections could emerge and continue below $56,500 where a stop above $56,000 will be of utmost importance.

Only a good advance above the Ichimoku Cloud for the Bitcoin price to break out of a risk area of entering negative corrections for the next few sessions.

Buyers remain in control of the situation, but struggling to advance above the $56,600 and $56,780 price areas.

It will be important for buyers to move above $56,500 so that possibilities for positive moves above $57,000 can emerge.

If buyers fail to move above $57,000 and $57,220, sellers could take control of the situation and with that the downside could appear below $56,500.

Follow the buyers with positive developments above the $56,780 price area.

The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.

Resistances: U$ 56.714 // U$ 57.514 // U$ 57.998 // U$ 58.575.

Supports: u$ 55,895 // u$ 55,150 // u$ 54,406 // u$ 53,512.

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

H1 Chart:

Bitcoin price follows above the EMAS and above the Ichimoku Cloud.

The Bitcoin price needs to continue its positive developments above $57,000 for further consolidations to take place above it, and with that, the possibilities of advancements above $57,220 and attempts to surpass $57,500 could occur.

It is extremely important for the price of Bitcoin to continue positive advances and consolidations above the price areas of $56,500 and $56,000, so that it does not enter into negative corrections below them, and may even extend below $55,500.

The Bitcoin price seems to be looking for a nice breakout at the $58,000 price area.

Buyers are getting the positive moves above U$56,900 now at the time of writing.

It will be important for buyers to continue positive moves above $57,360 to get good consolidations above $57,000.

Only a good, consolidated advance by buyers above $57,500 will allow them to begin attempts to break out of the $58,000 price area.

If buyers fail in these attempted breakout consolidations above $57,000 and $57,360 then sellers could take control of the situation and begin to create the downside below $56,666 and $56,220 where they can still extend the downside below $56,000 and $55,660.

Follow the buyers in an attempt to continue positive advances above $57,000.

Resistances: U$ 57,032 // U$ 57,578 // U$ 58,113 // U$ 58,542.

Supports: u$ 56,517 // u$ 55,950 // u$ 55,418 // u$ 54,766.

https://www.tradingview.com/x/rvE1rslW/

Technical indicators: H4

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

https://www.tradingview.com/x/UBR4GCPu/

MACD: The MACD on BTC's H1 chart time is at the negative level -526 and has a bullish bias.

https://www.tradingview.com/x/Wm3TYwNZ/

OBV: The OBV on BTC's H1 chart time is at the 2.25 level and has a bullish bias.

https://www.tradingview.com/x/5nL8HykM/

M5 chart:

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

In a first moment the Bitcoin price needs to stay above the Ichimoku Cloud so that the VWAP can go up and with that it will give support so that the Bitcoin price can continue positive advancements above $57,000.

If the Bitcoin price falls below the Ichimoku Cloud in the short term, the negative corrections could extend below $55,500 and it needs to continue a return to positive advances above the VWAP in order to avoid further negative corrections below $55,000.

https://www.tradingview.com/x/6DTmXaNv/

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nº319