Bitcoin Price Evolution Analysis 04.05.2021

by CSM TRADER                                                                                                                

 nº326

 BTC price U$ 57.490.  

BTC price at Braziliex R$ 330,000.

USD/BRL price R$ 5.70. 

Price EUR/BRL R$ 6.70.

Price Gold 1g R$ 315.79.

Good morning to all readers.

Bitcoin price is still in a downtrend below the $58,500 price area and the 100 EMA (H1).

The price of Bitcoin this weekend 03 and 04/04/2021, tried several times to overcome the price area of U$ 59,600, but without success and with that came the negative corrections.

In the case mentioned above, the Bitcoin price failing to make the necessary advances upwards from the price areas of $59,600 and $59,800, came the negative corrections downwards from the price areas of $59,000, $58,000, and $57,000, even testing the $56,386 price area, and making a bottom lower than the previous one.

After this bottom was made, the Bitcoin price returned with its positive developments upwards to the price areas of $57,000 and $58,000.

In the case mentioned above, the Bitcoin price failed to break through the resistance of U$58,500, and came back with the negative corrections down to U$58,000 and U$57,000, and even testing the U$56,776 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$57,442 price area.

It will be necessary for the Bitcoin price positive developments above the U$58,000 price area in the near term for consolidations and positive developments to continue above the U$58,220 price area, for the turns of breakout attempts in the U$58,500 and U$58,780 price area, so that the possibilities for continued positive advances above the U$59,220 price area can run.

Once the Bitcoin price consolidates above U$ 59,000 the possibilities of attempts to move above U$ 59,500 and U$ 59,800 could arise.

If the Bitcoin price fails to advance its positive developments above $58,500 in the short term, the negative corrections could continue back to the price areas of $57,600 and $57,220, where these negative corrections could extend below $57,000 and $56,740.

Only a good, consolidated advance above the U$58,500 price area for the Bitcoin price to begin advances above U$59,000 and above the 100 EMA (H1).

A daily close above the $58,197 price area was made.

For today a close above the $58,120 price area would be important for the Bitcoin price to hold above $57,220.

Sellers remain in control of the situation below the $58,000 price area.

It will be important for buyers to keep the Bitcoin price above the U$57,000 price area for the next few sessions.

In the case mentioned above, if buyers are unable to stop sellers above $57,000 and $56,800, the downside created by sellers could continue below the $56,700 and $56,500 price areas, where downside possibilities below $56,00 could arise.

It follows the buyers in the fight with the sellers to keep the Bitcoin price above the $57,220 price area.

Bitcoin TODAY at Braziliex: H1

Bitcoin price today on Braziliex continues in a downtrend below the $340,000 price area.

The Bitcoin price on Braziliex this weekend 03 and 04/04/2021, failed to give the sequence of positive advancements above the major resistance of R$ 340,000.

In the case mentioned above, the Bitcoin price on Braziliex after a few unsuccessful attempts at the R$ 340,000 price area, came the negative corrections down from the R$ 336,000 and R$ 330,200 price area where it even tested the R$ 328,047 price area.

Now at the time of writing, the Bitcoin price on Braziliex is tracking in the R$ 332,999 price area.

It will be of utmost importance that the Bitcoin price at Braziliex of its continuity of consolidations and positive developments above the price area of R$ 331,500 and R$ 330,000, so that negative corrections do not return below the R$ 330,000, because below this price area the negative corrections could advance this time well below the R$ 328,047, and could extend below the R$ 326,000.

The buyers on Braziliex are still in control of the situation above the R$330,000 price area.

Only a good, consolidated upside move by buyers above the R$336,000 level will take them out of a risk area of further downside created by sellers on Braziliex to below the R$330,000 level.

This R$330,000 price area is a very important area to see that will provide continuity with the price of Bitcoin on Braziliex, bullish or bearish, for the coming sessions.

Follow the buyers on Braziliex, in attempts for positive developments with the Bitcoin price upwards of R$ 336,000.

Resistances: R$ 332,925 // R$ 335,897 // R$ 338,735 // R$ 341,032. 

Supports: R$ 330,113 // R$ 329,013 // R$ 327,737 // R$ 326,141.

https://www.tradingview.com/x/h0h102qQ

H4 chart:

Bitcoin price follows below the BB centerline, below the 20, 5 and 50 EMAs, but follows above the 100 and 200 EMAs and this within the Ichimoku Cloud.

It will be important for the Bitcoin price to return positive developments to above the Ichimoku Cloud, because if the Bitcoin price gives below the Ichimoku Cloud negative corrections could emerge below the $56,000 and $55,500 price area.

The Bitcoin price needs for the next few sessions, the consolidations necessary to give the sequence of positive developments upwards from the U$57,880 and U$58,000 price areas.

It will also be important that the Bitcoin price stays supported above the EMA 100 to avoid negative corrections below it, where these negative corrections could extend below $56,700.

Buyers are still trying to break out above the Ichimoku Cloud; this will be very important for the upcoming sessions.

The chart in H4 will follow all week to have a parameter of the Bitcoin's price evolution. Only some adjustments will be made.

Resistances: U$ 57.791 // U$ 58.202 // U$ 58.572 // U$ 59.086.

Supports: U$ 57,267 // U$ 56,855 // U$ 56,372 // U$ 55,776.

https://www.tradingview.com/x/LZ9jobDl/

H1 chart:

Bitcoin price follows above the 5 and 20 EMAs, but follows below the 100, 50 and 200 EMAs, below the BB centerline and below the Ichimoku Cloud.

It will be important for the Bitcoin price to continue its consolidations above the EMAs 20 and 5 (yellow and green line), for positive developments to continue above the $57,500 and $57,120 price areas.

If the Bitcoin price fails to continue positive developments above $58,000, negative corrections could continue below $57,220 and $57,000.

Buyers continue to have great difficulty in returning to positive developments above $58,000.

If buyers fail in this resumption of consolidations and positive developments above $58,000 in the short term, sellers could continue to create their downside below $57,500 and could even extend below $57,120 and $57,000.

Only a good and strong advance of buyers above the EMA 100, in order for them to become more "comfortable" and with that the turns of breakout attempts at the strong resistance of $58,500 could emerge.

Follow the buyers in the attempts of positive evolutions above U$ 57,750 and still need to keep the Bitcoin price above U$ 57,220, not to have major problems below this price area.

Resistances: U$ 57,777 // U$ 57,941 // U$ 58,125 // U$ 58,371.

Supports: u$ 57.504 // u$ 57.224 // u$ 56.964 // u$ 56.691.

https://www.tradingview.com/x/sNIdUPz5/

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 30 level and with a bearish bias.

https://www.tradingview.com/x/KZILnn7M/

MACD: The MACD on BTC's chart time is at the negative level -197 and with small bearish bias.

https://www.tradingview.com/x/mhZNvrA2/

OBV: The OBV on BTC's H1 chart time is at the 2.17 level and with a bullish bias.

https://www.tradingview.com/x/SQvDrFU6/

M5 chart:

Bitcoin price is tracking above the BB center line (red line) and above the VWAP (orange line) and still above the Ichimoku Cloud.

The Bitcoin price needs to continue positive developments above the BB center line, so as not to start having the downsides that could extend below the VWAP.

If the Bitcoin price continues its consolidations above $57,220, positive developments could emerge above $58,000 where a test ride for the attempted breakout at the $58,500 resistance will emerge.

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

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nº326