Bitcoin Price Evolution Analysis 04.20.2021

by CSM TRADER                                                                                                                

 nº337

 BTC price U$ 55.726.  

BTC price at Braziliex R$ 310.033.

USD/BRL price R$ 5.54. 

Price EUR/BRL R$ 6.68.

Price Gold 1g R$ 317.44.

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$57,500 price area and the EMA 100 (H1).

The Bitcoin price a few sessions ago attempted to move above the $56,600 price area, where it came up short and entered negative corrections.

These negative corrections came to below the U$56,000, U$55,000 and U$54,000 price areas, even testing the U$53,330 price area.

Now at the time of writing, the Bitcoin price is continuing its resumption of positive developments above this last bottom formed at what was the U$53,330 price area.

The price of Bitcoin needs to continue its positive developments above the price areas of $56,500 and $57,000 to start a good consolidation, so that the positive advances can break through the strong resistance of $57,500 and $58,000, so that the positive developments can continue above $58,000, and stabilizing between these price areas to form good support.

If the Bitcoin price fails again to advance above $56,500 and $57,000, the negative corrections could return below $56,000 and $55,500, where there is still the possibility of advances below $53,334 and $53,000.

A test or even a breakout of the $50,930 price area could occur if the Bitcoin price does not make good positive advances above $56,600.

Only a good, consolidated advance above $57,500 or above the 100 EMA (H1) will take the Bitcoin price out of a risk area of possible corrections below $54,260.

A daily close was made above the $55,630 price area.

For today a daily close would be above $56,120.

Only a close above $57,500 would reverse this situation of further downside corrections below $57,000.

Sellers continue to control the situation and are making it increasingly difficult for buyers to advance above $56,500 and $57,000.

Only a good strong buyers' advance above $57,220 and they will still have to stabilize with the Bitcoin price above this price area to get out of further disadvantages created by sellers below $57,000.

Follow the buyers now at the time of writing in their attempts at positive advances above the U$56,120 price area, or above the EMA 50 (H1).

Bitcoin TODAY on Braziliex: H1

The Bitcoin price today at Braziliex, continues in a downtrend below the U$330,000 price area.

 The Bitcoin price at Braziliex a few sessions ago, failed to get its positive advances above the R$ 340.00, and with that, came the negative corrections below the R$ 330,000, R$ 320,000, even testing the price area of R$ 302,990.

Now at the time of writing, the price of Bitcoin on Braziliex follows in an attempt to resume the positive developments above the R$ 320,000.

If the Bitcoin price on Braziliex should fail to advance above the R$326,000 and R$330,000 price areas, negative corrections could again appear going below the R$320,000, R$314,500 and R$310,000 price areas, where a test below R$300,000 could still occur.

Only a good, consolidated breakthrough above R$336,000 for the Bitcoin price to start moving out of a risk area of further downside corrections.

Follow the buyers in Braziliex in an attempt to evolve the Bitcoin price above the R$ 322,220, which will be of extreme importance in the short term so that sellers do not give continuity create more downside below the R$ 312,600.

Resistances: R$ 316,524 // R$ 319,493 // R$ 321,172 // R$ 324,937. 

Supports: R$ 310,928 // R$ 307,453 // R$ 303,319 // R$ 299,772.

https://www.tradingview.com/x/1TUv3vBl

H4 chart:

Bitcoin price follows above the EMA 5 and above the VWAP, however, it follows below the EMAs 20, 200, 50 and 100 and below the Ichimoku Cloud.

The Bitcoin price would need a good advance above the 200 EMA (pink line) for the possible continuation of negative corrections below $56,500 to be invalidated.

In the case mentioned above, if the Bitcoin price achieves this positive advance above the EMA 200, and still remains sustained above it, the evolutions above $58,000 could arise, and change the course of the Bitcoin price, because the continuation below $57,000, will not be beneficial for the positive evolutions above $57,220, for the next sessions.

The buyers continue with the difficulty of evolving the Bitcoin price above U$ 56,000, which would be of extreme importance at this moment and for the next sessions, because if they enter in exhaustion in the attempt to hold the Bitcoin price above U$ 55,500 or even above U$ 55,880, the sellers will continue with their disadvantages below U$ 55,500 and U$ 55,000.

There is still a chance that sellers will create the downside below $54,500.

Buyers continue to fight with sellers in an attempt to move Bitcoin's price above $56,120.

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

Resistances: U$ 56,286 // U$ 56,706 // U$ 57,262 // U$ 57,872.

Supports: U$ 55,486 // U$ 54,808 // U$ 54,184 // U$ 53,479.

Bitcoin price remains inside the triangle where the chances of a downward breakout is still stronger than an upward one.

https://www.tradingview.com/x/5ps2fpUy/

 H1 chart:

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

The Bitcoin price for the next few sessions needs to continue positive developments above the $56,000 and $56,320 price areas in order to achieve a good consolidation above these price areas and with that the possibilities of attempted positive advances above $57,000 may even arise.

If the Bitcoin price fails to continue positive moves above $56,500 and $57,000 the negative corrections will come back below $56,000 and $55,360.

Buyers need good evolutions above the EMA 50 and still above it for a few sessions for the consolidations to happen and to strengthen above it, so that they can get a good performance on the advances above the EMA 56,780, where they will still have the EMA 100 on their way.

Follow the buyers in an attempt to keep Bitcoin's price above U$55,600.

Resistances: U$ 56,217// U$ 56,729 // U$ 57,408 // U$ 58,017.

Supports: U$ 55,483 // U$ 54,957 // U$ 54,403 // U$ 53,835.

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

Technical indicators: H4

RSI: The RSI on BTC's H1 chart timeframe is at the 78 level and with a bullish bias.

https://www.tradingview.com/x/m0FpZWlu/

MACD: The MACD on BTC's H1 chart time is at the negative -144 level and has a bullish bias.

https://www.tradingview.com/x/JDGTTof8/

OBV: The OBV on BTC's H1 chart time is at the 2.19 level and stabilized.

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

M5 chart:

Bitcoin price follows above the VWAP and above the Ichimoku Cloud, however, below the BB centerline.

The Bitcoin price needs to remain at least above the Ichimoku Cloud for continuities of positive developments to occur, above it, and with that, a search in the price areas of $56,500 and $56,800 could occur.

If the price of Bitcoin fails to continue positive moves above $56,500, negative corrections could return below $55,500 and even extend below $55,000.

Buyers continue to lose the $56,000 price area and need to hold off sellers above $55,500.

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

 Dominance    53.03 %

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nº 337