Bitcoin Price Evolution Analysis 04.16.2021
by CSM TRADER
nº335
BTC price U$ 60.680.
BTC price at Braziliex R$ 355.387.
USD/BRL price R$ 5.61.
Price EUR/BRL R$ 6.72.
Price Gold 1g R$ 319.29.
Good morning to all readers.
Bitcoin price is still in a downtrend below the $62,500 price area and the EMAs (H1) and below the EMA 50 (H4).
The Bitcoin price a few sessions ago failed to continue above the $63,500 resistance, and with that came the downward corrections.
In the case mentioned above, the Bitcoin price came to correct negatively below the price areas of U$62,500, U$62,000, U$61,140 and U$60,560, breaking important supports along the way.
Now at the time of writing the Bitcoin price is tracking in the U$60,460 price area.
The odds of further downside continuation below the U$60,125 price area could occur for the next few sessions, and still extend below U$60,000 and U$59,660.
At the moment it would be important for the Bitcoin price to stabilize above the U$61,660 price area or even above the 200 EMA (H1), for attempts to make further downside corrections below U$60,000 impossible.
If the Bitcoin price does not stop its downside corrections above $59,500, the possibilities of further downside below $58,500 could arise, and still the possibilities of a return to the bottom of $55,500 are on the agenda.
Remembering that, the Bitcoin price made a new top on 4/14/2021, and with that, downside corrections are needed for attempts to overcome this new top or the ATH in the U$64,854 price area.
A daily close was made above the $63,150 price area.
A daily close above the $60,880 price area would be important today.
Buyers have lost control of the situation after several attempts to break through and continue positive moves above the $63,700 price area.
Sellers took control of the situation and created the downside following below $62,000, $61,000 and $60,500.
Now at the time of writing, sellers follow with the price of Bitcoin in the U$60,480 price area and it looks like they want to continue the downside below U$60,000.
If buyers fail to bar sellers above $60,125 and $60,000, the downside created by sellers could be much greater and extend below $59,660 and $59,220 where possibilities for continued downside below $58,500 could arise.
Only a good and strong advance by buyers above $61,220 to try to change the situation of the moment, for the next sessions.
Sellers are still trying to create more downside risks below $60,125.
Bitcoin TODAY at Braziliex: H1
Bitcoin price today on Braziliex follows me in a downtrend below the R$ 360,000 price area.
The Bitcoin price at Braziliex in the past sessions failed to continue its positive developments above $370.00, and with that, the negative corrections came below the $360,000 and $350,000 price areas, where now at the time of writing it is in the $348,000 price area.
It will be of extreme importance that the price of Bitcoin on Braziliex stays above the R$345,000 price area for the next few sessions, as below this price area the negative corrections could continue below the R$340,000 and R$336,600 price areas, where a stop and stabilization above the R$330,000 price area will be of extreme importance to avoid further losses below this price area.
Only a good advance and stability in the price of Bitcoin at Braziliex for the returns of positive developments above the R$ 366,220 price aera.
Follow the sellers on Braziliex in control of the situation with the Bitcoin price in the price area of $354,231 and where they will still be able to continue to create the downside below the price areas of $350,000 and still below the last bottom formed in the price area of $348,000, where these downside could still extend below the $345,500.
Follow the buyers in Braziliex in an attempt to bar sellers above the R$350,000 for the next sessions.
Resistances: R$ 355,454 // R$ 360,928 // R$ 364,578 // R$ 368,114.
Supports: R$ 347,926 // R$ 343,364 // R$ 339,942 // R$ 336,065.
https://www.tradingview.com/x/B9eIks75
H4 chart:
Bitcoin price follows above the 100 and 200 EMAs and above the Ichimoku Cloud, however it follows below the 50, 20 and 5 EMAs.
It will be of utmost importance that the Bitcoin price stays supported above the EMA 100 (white line) or above $60,000.
If the Bitcoin price gives its continued negative corrections below the EMA 100, the chances of a test at the EMA 200 could occur.
Only a good advance above the EMA 50 and still remain above it for a few sessions of consolidations for the Bitcoin price to return with its positive evolutions to the attempts of breaking the resistance of U$ 61,550, remembering that now what was supports have become resistances.
The buyers are still trying to stop the sellers above $60,000 and will still need the developments above $61,000 for the next sessions to not have the continuity of disadvantages created by sellers below $60,000 and $59,800.
The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 61.369 // U$ 62.256 // U$ 62.842 // U$ 62.980.
Supports: u$ 59,969 // u$ 58,592 // u$ 57,658 // u$ 56,306.
https://www.tradingview.com/x/heW9V1VB/
H1 Chart:
Bitcoin price follows below the EMAs to well below the Ichimoku Cloud.
The Bitcoin price could still continue its negative corrections below $60,000 for the next few sessions.
Only a good strong advance above $61,500 to invalidate the continuation of further downward corrections, or only consolidations above $60,220.
A test has just now been made in the $59,999 price area.
If the downward corrections continue below $59,800 the possibilities of a continuation below $59,500 and $59,140 could occur.
It follows buyers in an attempt to keep the Bitcoin price above U$60,340 in the short term so as not to have further downside created by sellers to below U$60,000.
Resistances: U$ 61,011 // U$ 61,611 // U$ 62,042 // U$ 62,639.
Supports: $60,227 // $59,707 // $59,161 // $58,666.
https://www.tradingview.com/x/xrgJIlXq/
Technical indicators: H4
RSI: The RSI on the H1 chart timeframe for BTC is at the 0.43 level and with a bearish bias.
https://www.tradingview.com/x/SfxbGxW8/
MACD: The MACD on BTC's chart time is at the positive 183 level and with strong bearish bias.
https://www.tradingview.com/x/mGvh2naT/
OBV: The OBV on BTC's H1 chart time is at the 2.18 level and with a bearish bias.
https://www.tradingview.com/x/s3IgmEmu/
M5 chart:
Bitcoin price is tracking a little bit above the BB centerline and below the VWAP and the Ichimoku Cloud.
Only a good strong advance above $62,500 to invalidate the possible continuation of negative corrections below $60,000 and $59,600.
Buyers continue to try to stop sellers above $60,000 where sellers seem to be accumulating to create more downside below $59,500.
https://www.tradingview.com/x/rHOqypV3/
Dominance 53.04%
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nº335
