Bitcoin Price Evolution Analysis 04.05.2021
by CSM TRADER
nº346
BTC price U$ 56.400.
BTC price at Braziliex R$ 310.00.
Price USD/BRL R$ 5.43.
Price EUR/BRL R$ 6.53.
Price Gold 1g R$ 311.70
Good morning to all readers.
Bitcoin price is still in an uptrend above the $54,500 price area and above the 200 EMA (H1).
Bitcoin price a few sessions ago, attempted the breakout at the $59,000 price area, but without success and with that; came the downside corrections to the $58,000, $57,000, $56,000 price areas and even testing the $54,575 price area.
Now at the time of writing the Bitcoin price is tracking in the price area of U$56,400 and is in the attempt of evolutions upwards of the 100 EMA (H1).
It will be of utmost importance that the Bitcoin price evolves above the EMA 100 (H1) for the positive advancement attempts above the U$56,800 resistance.
If the Bitcoin price does not achieve the necessary evolutions above $56,800 and $57,000 the negative corrections could come back and go in search of the last bottom formed in the $54,575 price area and could still extend below $54,000 and $53,500, where a break of $53,500 the possibilities of negative corrections to the $52,220 price area could happen.
Only a good, consolidated breakthrough above the U$57,220 and U$57,500 price area for the Bitcoin price to return to attempts at breakthroughs above U$59,000.
A daily close was made in the price area of $57,158.
For today a daily close above the $56,500 price area would be very important. Ideally, a daily close above $57,500 would be very important.
Buyers are trying to regain control of the situation above the BB centerline in the $56,550 price area.
If buyers manage to fully regain control of the situation, they will have to evolve the Bitcoin price above the U$56,880 and U$57,220 price areas.
If the buyers fail in these positive developments, the sellers will take advantage of this failure/exhaustion of the buyers, where, they can create the downside back down to below the U$ 56,000 and U$ 55,500, where, the possibilities of going with the Bitcoin price down to below the U$ 55,000 and U$ 54,500 could arise.
Only a good advance by buyers above the EMA 100 (H1) to get out in the short term from further downside created by sellers.
Bitcoin TODAY at Braziliex: H1
The Bitcoin price today at Braziliex, continues in an uptrend above the $300,000 price area.
Bitcoin price on Braziliex is facing difficulties of positive advancements upwards from the $310,000 and $314,500 price area.
It will be extremely important this advance above the R$ 310,000 and at least above the R$ 312,500 for the stability of the price above this and with consolidations made for the attempts of positive evolutions above the R$ 315,000 and R$ 318,220.
If the Bitcoin price fails in these advances above the R$312,500 for the next few sessions, the negative corrections could come back below the last bottom formed in the R$304,000 price area and could still extend below the R$300,000 price area.
The buyers in Braziliex still remain in control of the situation above the R$300,000 price area.
Only a good, strong advance by buyers above the R$312,500 to attempt consolidations above this price area for possible positive developments above the R$315,000 and R$318,000 for the next few sessions.
If buyers fail in these positive developments, sellers on Braziliex could again create the downside below the R$300,000; where it will be important for buyers to defend this price area at any cost; because below the R$300,000, sellers could go for the R$290,000 and R$286,666.
Follow the buyers in Braziliex in attempts for positive developments upwards from the R$312,000 price area.
Resistances: R$ 310,139 // R$ 312,936 // R$ 315,087 // R$ 317,955.
Supports: R$ 306,380 // R$ 303,273 // R$ 299,768 // R$ 295,944.
https://www.tradingview.com/x/e6a0j0SM
H4 chart:
Bitcoin price follows above the 100, 50 and 200 EMAs and above the Ichimoku Cloud, however, it follows below the 20 and 5 EMAs.
It will be necessary for the Bitcoin price to stay above the 100, 50, and 200 EMAs so that it does not return to negative corrections below them where the possibilities of negative corrections below $54,500 could arise and even extend below $53,450.
The price of Bitcoin needs to continue the positive advances above the EMAs 20 and 5 so that the attempts of evolutions to break the $59,000 level can happen again.
Buyers continue to attempt to move above the breakout of the strong resistance at $56,800, which will be of extreme importance for the next positive developments to take place above $57,000.
The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 56,347 // U$ 56,840 // U$ 57,417 // U$ 57,960.
Supports: U$ 55,888 // U$ 55,119 // U$ 54,488 // U$ 53,846.
https://www.tradingview.com/x/R4cEusuH/
H1 chart:
Bitcoin price follows above the 200 and 5 EMAs, however, it follows below the 5, 100 and 50 EMAs and below the Ichimoku Cloud.
It will be of utmost importance that the Bitcoin price advances above the 100 EMA and stays supported above it for consolidations to take place and with that the possibilities of advances above $56,880 and $57,120 can occur for the next few sessions.
If the Bitcoin price fails in these advances above U$ 56,800 and U$ 57,000 the negative corrections could come back below U$ 56,000 and U$ 55,660 where a stop above U$ 55,220 will be very important for the Bitcoin price not to give to these continuities of negative corrections below U$ 55,000.
Follows the buyers in the difficulty of evolving the price of Bitcoin above the U$ 56,500 in the short term, where an attempt already made and if for the next sessions do not succeed, the sellers will return to create the disadvantages below the U$ 56,000 and U$ 55,780.
Resistances: U$ 56,419 // U$ 56,804 // U$ 57,233 // U$ 57,771.
Supports: U$ 55.870 // U$ 55.320 // U$ 54.837 // U$ 54.452.
https://www.tradingview.com/x/yHoQGjbh/
Technical indicators: H4
RSI: The RSI on BTC's H1 chart timeframe is at the 10.25 level and with a bullish bias.
https://www.tradingview.com/x/aSiTSezd/
MACD: The MACD on BTC's chart time is at the positive level 264 and with a bearish bias.
https://www.tradingview.com/x/wmKRBtuI/
OBV: The OBV on BTC's H1 chart time is at the 2.03 level and has a bullish bias.
https://www.tradingview.com/x/xPoW14hT/
M5 chart:
Bitcoin price is tracking above the VWAP and inside the Ichimoku Cloud, however, it is tracking below the BB centerline.
Bitcoin price needs to break out above the Ichimoku Cloud for positive moves back above $56,320, and the possibilities for positive moves to continue attempts to break through the $56,500 price area.
Follow the buyers in their attempts to break out above the Ichimoku Cloud.
https://www.tradingview.com/x/axiJYmdR/
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nº346
