Bitcoin Price Evolution Analysis 04.07.2021
by CSM TRADER
nº328
BTC price U$ 57.300.
BTC price at Braziliex R$ 329.298.
USD/BRL price R$ 5.59.
Price EUR/BRL R$ 6.64.
Price Gold 1g R$ 315.34.

Good morning to all readers.
Bitcoin price is still in a downtrend below the U$57,660 price area and below the 100 EMA (H1).
The price of Bitcoin in the past sessions, has not been able to overcome the $59,220 price areas, where it only tested the $59,000 price area.
In the case mentioned above, the Bitcoin price failed to give the sequence of positive developments upwards of U$ 59,000 and U$ 59,120, where it began its negative corrections downwards from the U$ 58,500 and U$ 57,500 price areas.
Now at the time of writing the Bitcoin price is tracking in the U$57,260 price area, where it has broken through important support in the U$57,500 price area; but it still has major support in the U$56,500 price area, where below this, the odds of continuation downward from the U$55,800 price area could occur.
The Bitcoin price needs to stay above the $57,000 price area if negative corrections below $56,500 are not to continue.
Only a good, consolidated near-term advance above $57,500 will allow the Bitcoin price to attempt the necessary advances back above $58,000.
The Bitcoin price could be heading towards the bottom of $56,387, where if it surpasses this, the odds of a search for $55,500 could emerge; or even the bottom of $54,600.
A daily close above the $57,970 price area has been made.
For today a good and necessary close above $57,600 would be very important, for the tentative turns of positive moves above $58,500 and $59,000.

Sellers are in full control of the situation with the Bitcoin price below the U$58,000 price area.
Buyers need to try to bar sellers above the U$57,000 price area or more importantly above the U$56,500 price area.
In the case mentioned above, it will be of utmost importance that buyers bar sellers above $56,500 in order not to have further disadvantages created by sellers below $56,000, or even below $55,800.
Follow the buyers as they try to stop sellers above $56,500.

Bitcoin TODAY at Braziliex: H1
Bitcoin price today on Braziliex, continues in a downtrend below the R$ 330,000 price area.
Bitcoin price failed with its continuations upwards from the R$ 338,000 price area and began negative corrections downwards from R$ 332,000, R$ 328,000. where it even tested the R$ 318,000 price area.
Now at the time of writing, the Bitcoin price on Braziliex is tracking in the R$ 321,801 price area.
It will be necessary for the turns of positive developments that the Bitcoin price returns above the R$ 330,000 price area and still consolidates above R$ 332,500, so that the Bitcoin price does not continue its negative corrections below the last formed bottom which is in the R$ 318,000 price area.
Bitcoin price needs to stay above the R$ 3180,000 so that it does not risk the negative corrections extending below the R$ 314,600 and R$ 310,800.
Sellers on Braziliex remain in full control of the situation below the R$330,000 price area.
Only a good, strong advance by buyers on Braziliex, above R$328,600 and R$332,400, to get out of a risk area of more downside created by sellers, which could still extend below R$318,600.
Follow the buyers on Braziliex in an attempt to bar sellers above the R$321,600 price area.
Resistances: R$ 326,518 // R$ 329,300 // R$ 332,989 // R$ 336,325.
Supports: R$ 332,935 // R$ 319,808 // R$ 317,744 // R$ 315,303.
https://www.tradingview.com/x/2flVQzs7

H4 chart:
Bitcoin price follows above the 200 EMA, however, is below the 5, 20, 50 and 100 EMAs and is still below the Ichimoku Cloud.
The Bitcoin price still continues its downward corrections below the $56,500 price area, where important support has been broken.
Now at the time of writing the Bitcoin price is in search of the 200 EMA in the $55,455 price area.
Bitcoin price could still make its continued downside corrections below U$55,000.
Only consolidations above U$ 56,500 for attempts to get back above U$ 57,000.
The Bitcoin price needs to hold above the 200 EMA in order not to continue negative corrections below $55,000, as below this price area a search for $54,500 could occur.
The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 56,282 // U$ 56,855 // U$ 57,349 // U$ 57,936.
Supports: U$ 55.775 // U$ 55.366 // U$ 54.768 // U$ 54.222.
https://www.tradingview.com/x/ef4i3nqe/

H1 Chart:
Bitcoin price follows below the EMAs and below the Ichimoku Cloud.
The price of Bitcoin follows in a strong downward correction below the $59,000 price area, where it has already tested the $55,700 price area.
The Bitcoin price may yet continue these negative corrections below the U$55,500 and U$55,000 price areas.
Only a stop and the twists of consolidations above the U$55,000 price area for the Bitcoin price not to give its continuation of negative corrections below U$54,600.
Resistances: U$ 56,786 // U$ 57,419 // U$ 57,885 // U$ 58,667.
Supports: U$ 56,680 // U$ 55,006 // U$ 54,490 // U$ 53,774.
https://www.tradingview.com/x/O8m411a0/

Technical indicators: H4
RSI: The RSI on the H1 chart timeframe for BTC is at the 18 level and with a bearish bias.
https://www.tradingview.com/x/WPWsuyOW/
MACD: The MACD on BTC's H1 chart time is at the negative -206 level and with a bearish bias.
https://www.tradingview.com/x/KDUGous6/
OBV: The OBV on BTC's H1 chart time is at the 2.11 level and has a bearish bias.
https://www.tradingview.com/x/ADNdsMPU/

M5 chart:
Bitcoin price is tracking below the BB centerline, below the VWAP and below the Ichimoku Cloud.
Bitcoin price still seems to be in search of the U$55,500 price area in the near term; where it should stay above this price area to avoid continuing its negative corrections below U$55,000 and go in search of U$54,380.
https://www.tradingview.com/x/Kafpobj3/

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nº328