Bitcoin Price Evolution Analysis 04.15.2021
by CSM TRADER
BTC price U$ 62.600.
BTC price at Braziliex R$ 359.059.
USD/BRL price R$ 5.65.
Price EUR/BRL R$ 6.77.
Price Gold 1g R$ 317.68.
Good morning to all readers.
Bitcoin price is still in an uptrend above the $61,145 price area and above the 100 EMA (H1).
In my previous Analysis 14/04/2021 I wrote that a double top pattern could be formed if the Bitcoin price were to fail to break above the ATH which is in the $64,854 price area; and that is what happened.
The Bitcoin price failed within a few dollars of surpassing the ATH in the $64,845 price area arriving in the $64,789 price area; and with that, as the market does not forgive double tops, came the negative corrections.
These downward corrections came down to the price areas of $64,000, $63,000 and even tested the $61,300 price area, where it broke through the strong support of $62,500, and soon after came back up to $62,500.
Now at the time of writing, the Bitcoin price is tracking in the U$62,700 price area.
The Bitcoin price needs to hold above the U$62,500 support for the next few sessions, and still continue its positive developments upwards from the U$63,220 price area to get out of a risk area of further negative corrections downwards from U$62,220.
If the Bitcoin price does not achieve this evolution upwards from the U$63,220 and U$63,500 price areas, where it is being a strong resistance to overcome, negative corrections could continue downwards from the U$62,500 and U$62,000 price areas.
At the U$61,160 price area the Bitcoin price will have to hold above this support, as below it the corrections could extend below U$60,660.
Only a good, consolidated advance above $63,500 for the price of Bitcoin to continue its positive developments again, and attempts above $64,000 will emerge.
A daily close above the $62,900 price area has been made.
For today a daily close above the $62,660 price area would be important.
Sellers are in control of the situation where they could still go for a test at the $61,300 price area, where they have already tested this price area a few sessions ago.
Buyers will have to defend this price area in order not to have further downside created by sellers below it and could still extend below the $61,160 support.
Only a good positive advance by buyers above $63,500 to get out of a risk area of further losses below $62,500.
Sellers remain under pressure to send the price of Bitcoin to test the $61,300 price area.
Bitcoin TODAY at Braziliex: H1
Bitcoin price today on Braziliex follows in negative corrections below the ATH made in the price area of R$ 380,000.
After the Bitcoin price on Braziliex made the new historic high in Brazil, two more attempts were made to surpass the ATH, but this time made unsuccessful.
In the case mentioned above, the Bitcoin price failed to break through the ATH and came the negative corrections downwards from the R$ 370,000, R$ 360,000 price areas where it even tested the R$ 355,002 price area.
Now at the time of writing the Bitcoin price is tracking in the R$ 366,778 price area.
The Bitcoin price on Braziliex needs to stay above the $362,220 price area so as not to go for tests in the $355,000 price area where negative corrections could extend below $351,360.
It will be necessary for the price of Bitcoin on Braziliex the returns of consolidations and positive evolutions above the R$ 370,000.
Buyers on Braziliex still remain in control of the situation above the R$ 360,000 price area.
Below $360,000 sellers on Braziliex will gain strength and may go for a test below the $355,000 price area where buyers will have to defend this price area in order to not have further disadvantages created by sellers below $350,000.
Follow the buyers in an attempt to keep the price of Bitcoin on Braziliex above R$360,000.
Resistances: R$ 364,117 // R$ 367,268 // R$ 372,051 // R$ 374,439.
Supports: R$ 357,954 // R$ 354,894 // R$ 350,195 // R$ 345,496.
Bitcoin price is tracking above the 200, 100, 50 and 20 EMAs and above the Ichimoku Clouds, however it is below the 5 EMA and below the VWAP (purple line).
It will be necessary for the Bitcoin price to stay above the EMA 20 (yellow line) for the next few sessions so that it does not continue negative corrections below it.
If the Bitcoin price loses the EMA 20, the possibilities of negative corrections to test at the EMA 50 (gray line) could arise and still breaking the first LTA.
Only a good advance above U$63,000 and U$63,500 for the Bitcoin price to return with its positive developments and attempts at advances above U$64,000.
The buyers are still in control of the situation above the BB center line (red line), where below the red line the sellers will take control of the situation and the odds of downside to the EMA 50 could occur.
Follow the buyers in an attempt to hold above the EMA 20.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 63,074 // U$ 63,810 // U$ 64,588 // U$ 65,619.
Supports: u$ 62,190 // u$ 61,306 // u$ 60,254 // u$ 59,328.
Bitcoin price follows above the 200 and 100 EMAs, however it follows below the 5, 50 and 20 EMAs and is almost exiting below the Ichimoku Cloud.
The price of Bitcoin continues its negative corrections below the $62,500 price area.
Now at the time of writing the price of Bitcoin follows in the $62,190 price area and thus breaking the strong support it had at $62,500.
It will be necessary for the Bitcoin price to stop its downward corrections above the 200 EMA in the $60,500 price area, as below it the downward corrections could be much larger and go in search of the $59,660 price area.
Only a good and strong advance of buyers above $62,500 to start to get out of a risk area of further falls, or try to keep the Bitcoin price above $62,000 and continue consolidations above this price area.
It follows the sellers gaining strength below U$62,200.
Resistances: U$ 62.299 // U$ 62.521 // U$ 62.756 // U$ 63.048.
Supports: $62,007 // $61,696 // $61,310 // $60,771.
Technical indicators: H4
RSI: The RSI on the H1 chart timeframe for BTC is at the 14 level and with a bearish bias.
MACD: The MACD on BTC's H1 chart time is at the positive 860 level and has a bearish bias.
OBV: OBV on BTC's H1 chart time is at the 2.23 level and has a bearish bias.
Bitcoin price is tracking below the BB centerline, below the VWAP and below the Ichimoku Cloud.
The Bitcoin price needs to return with its positive advances above the $62,500 price area to return with its consolidations and with that the possibilities of a move back above $63,000 could occur for the next few sessions.
If the price of Bitcoin fails to make these advances in the near term the negative corrections could continue below $62,000 and $61,880.
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