Bitcoin Price Evolution Analysis 04.11.2021

by CSM TRADER                                                                                                                

 Nº  459

BTC price U$ 61.968.  

Price USD/BRL R$ 5.55.

Price EUR/BRL R$ 6.41.

Price Gold 1g R$ 321.23.

Good morning to all readers.

Outperforming the crypto market, Solana (SOL) continues to attract the attention of institutional investors and strengthen its fundamentals for future gains. In that regard, the ecosystem built on top of this network looks poised to become the leading candidate to take a share of Ethereum's market share. SOL's founders aim to become "the cloud of Web 3.0."

The Bitcoin price is still in a downtrend at below the $62,500 price area and below the 100 EMA (H1).

The Bitcoin price in the past sessions tried to advance positively for 3 times above the $63,500 price area, but came to fail, where in one of them the negative corrections were very strong and fast leaving the $63,300 price area and going up to the $60,380 price area, and voting in the same candle up again to the $63,200 price area. A "clean up" of more or less $3,000.

Then the price of Bitcoin returned with its attempts of positive evolutions again to above the U$ 63,500, but without success again and returned with its negative corrections to below the U$ 63,000 and U$ 62,000, even testing the price area of U$ 61,345.

Now at the time of writing the Bitcoin price is tracking in the U$61,966 price area.

The price of Bitcoin needs to continue upwards from the price areas of $62,000 and $62,500 so that it does not continue negative corrections below the price areas of $61,500 and $61,000, where it could still extend these negative corrections below $60,780 and $60,500.

Only with the continuity of the positive advances above the EMA 100 (H1) (white line), for the Bitcoin price to resume its turns of positive developments and leave a risk area of the continuity of the negative corrections; remembering that it will still have the Ichimoku Cloud to enter and exit above it (H1).

A closing of the Journal above the price area of $62,930 was made.

For today, a close above the $62,220 price area would be important.

Buyers need to try to regain control of the situation and move the Bitcoin price above the 100 EMA which is in the $62,220 price area and below the Ichimoku Cloud.

If the buyers fail with the continuities of the positive developments upwards from the price areas of U$62,340 and U$62,500 the sellers will give the continuities downwards from U$61,500 and U$60,000 for the next few sessions.

Major Resistance areas - U$62,000 U$62,520 and U$63,000.

Major Support areas - U$61,620, U$61,080 and U$60,720.

H4 chart :

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

The Bitcoin price needs to remain supported for the next sessions above the EMA 100 (white line) in order not to give the continuities of the negative corrections where it could pass through the thinner part of the Ichimoku Cloud and still be able to go to the forehead at the EMA 200 (pink line).

Only with the return of positive evolutions above the EMA 20 (yellow line) or even in the price area of $62,200 for the Bitcoin price to return to the attempts of positive evolutions above $62,500 and $63,000 and get out of a risk area of going below the Ichimoku Cloud and thus breaking the LTL.

Follow the buyers in their attempts to keep the Bitcoin price above the 100 EMA or even above $61,000.

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$ 62,033 // U$ 62,596 // U$ 63,182 // U$ 63,721.

Supports: U$ 61,412 // U$ 60,825 // U$ 60,460 // U$ 60,146.

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

H1 chart :

Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.

The Bitcoin price now follows at the time of writing in the U$61,500 price area and the odds of going below U$61,000 and U$60,600 still remain, for the next few sessions.

The Bitcoin price could go to test at the bottom formed in the U$60,500 price area.

If the Bitcoin price stays above U$61,000 and stays in consolidations above this price area, it could be forming a new bottom for the turns of the positive developments upwards from the U$62,000 and U$62,780 price areas.

Only with the upward positive evolutions of the Ichimoku Cloud will the Bitcoin price break out of a risky area of continuing negative corrections below $61,000 and $60,500.

Follow the buyers in attempts to keep the Bitcoin price above U$61,000.

Resistances: U$ 61,807 // U$ 62,260 // U$ 62,591 // U$ 62,897.

Supports: U$61,304 // U$61,004 // U$60,667 // U$60,250.

https://www.tradingview.com/x/AQXPTq18/

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Nº 459