Bitcoin Price Evolution Analysis 03.31.2021
by CSM TRADER
nº324
BTC price U$ 57.848.
BTC price at Braziliex R$ 334.874.
Price USD/BRL R$ 5.77.
Price EUR/BRL R$ 6.77.
Price Gold 1g R$ 312.55.
Good morning to all readers.
Bitcoin price is still in an uptrend above the $57,000 price area and above the EMA 50 (H4).
The Bitcoin price a few sessions ago tried to advance above the $59,802 price area and failed to continue positive advances above it, and above $60,000.
The Bitcoin price entered negative corrections downward from the U$59,000, U$58,000 and U$57,000 price areas; where it even tested the U$56,768 price area.
Now at the time of writing, the Bitcoin price has been rebounding above the U$57,500 price area, where it is in the U$57,902 price area.
The Bitcoin price needs to make its continued positive advances upwards from the U$58,000 and U$58,500 price area in the near term to get out of a risk area of getting the negative corrections back down to below U$57,360.
In the case mentioned above, the Bitcoin price needs to stay above the $57,000 price area, because if it corrects negatively below this price area again, the negative corrections could retest the last bottom formed in the $56,768 price area and could still extend below $56,240.
Only a continuation above the EMA 100 (H1) for the Bitcoin price to succeed in continuing positive advances above $58,220 and break through the $58,500 resistance again and attempts to enter the $59,000 price area could occur.
If the Bitcoin price fails with its positive advances above $58,000, $58,500, and $59,000, the downside corrections will come back, and may go back below $58,000 and $57,500; I try to stay above $57,120, so as not to have the continuities of further downside below $57,000.
It will be very important for the Bitcoin price to close the Monthly above the $58,500 price area, so that the $57,000 price area remains a strong support area.
A daily close above the $58,700 price area was made.
For today a daily close above the $58,600 price area would be important.
Follow the buyers as they attempt to move above the $58,000 price area.
Bitcoin TODAY at Braziliex: H1
The price of Bitcoin at Braziliex today, follows in an uptrend above the price area of U$ 330,000.
The Bitcoin price at Braziliex, failed a few sessions ago to continue positive developments upwards from the R$342,000 price area, and with that, came negative corrections downwards from the R$338,000 and R$336,000 price areas, even testing the R$334,499 price area.
Now at the time of writing, the Bitcoin price on Braziliex is tracking in the R$ 334,870 price area.
It will be important that the Bitcoin price at Braziliex of its continuity of consolidations and positive developments above the R$ 330,600, so that it does not return the negative corrections below this price area and may test the price area of R$ 328,050, or even below it.
The Bitcoin price on Braziliex needs to continue its positive developments above R$ 338,000 and return with its consolidations above it, for the attempts to return above R$ 341,500 for the next sessions, to get out of a risk area that would be with the Bitcoin price below R$ 332,600.
Follow the buyers in Braziliex with the positive developments above the R$ 336,000 price area.
Resistances: R$ 338,005 // R$ 339,882 // R$ 341,149 // R$ 342,182.
Supports: R$ 335,931 // R$ 344,476 // R$ 332,894 // R$ 331,303.
https://www.tradingview.com/x/bBuqZKmc
H4 chart:
Bitcoin price follows below the EMA 5 and below the VWAP, and follows above the EMA 20, 50, 100 and 200 and above the Ichimoku Cloud.
It will be necessary for the Bitcoin price to provide its continuation of consolidations and positive developments above the EMA 20 (yellow line) so that it can provide continuation upwards from the $58,000 and $58,500 price areas for the next few sessions.
If the Bitcoin price were to correct below the EMA 20, the negative corrections could extend below the $57,220 price area and still look for a test at the EMA 50 in the $56,550 price area.
Only a good, consolidated advance above the EMA 5 (green line) for the Bitcoin price to break out of a risk area of further downside; where it still needs good, new consolidations above $58,500.
It follows the buyers trying to work on keeping the Bitcoin price above the $57,800 price area, which will be of utmost importance this advance above it and above $58,000, for the coming sessions.
The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 58.043 // U$ 58.507 // U$ 59.058 // U$ 59.781.
Supports: U$ 57,561 // U$ 56,821 // U$ 56,063 // U$ 55,358.
https://www.tradingview.com/x/FP6v192n/
Dominance of 60.40%
" Happiness is not in the mere possession of money, but lies in the joy of achievement, in the thrill of creative effort. " ----- President Franklin D. Roosevelt
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nº324
