Bitcoin Price Evolution Analysis 04.29.2021
by CSM TRADER
nº343
BTC price U$ 54.460.
BTC price at Braziliex R$ 290.100.
USD/BRL price R$ 5.34.
Price EUR/BRL R$ 6.47.
Price Gold 1g R$ 308.03.
Good morning to all readers.
The Bitcoin price is still in an uptrend above the $51,500 price area and above the 100 EMA (H1).
In the past sessions the Bitcoin price presented great difficulties in continuing positive developments upwards from the price areas of U$55,500, but with a positive spin it even tested the price area of U$56,428, and returned to the price area of U$55,500 and entered negative corrections downwards from the price areas of U$55,000, U$54,000 where a few sessions ago it tested the price area of U$53,482.
Now at the time of writing the Bitcoin price is in the U$54,445 price area.
It will be important in the near term that the price of Bitcoin of its continuing consolidations and positive developments above the resistance of U$ 54,500 and U$ 55,880, where, the possibilities of an advance again above U$ 55,000 may arise.
In the case mentioned above, it will be of utmost importance also, that the Bitcoin price stays supported above the EMA 100 (H1) because, below this, the negative corrections could start to get heavier, and thus, could extend below the price areas of U$53,220, U$53,000 and U$52,660, and could even go below U$52,220, where a stop above U$52,000 will be very important, in order not to go for a test in the U$51,500 loss area.
Bitcoin price needs to go back to its consolidations and positive developments between the price areas of $54,220 and $55,320 so that it can stay supported above the EMA 100 (H4), where the possibilities of breaking attempts at the strong resistance of $55,550 and advances upwards to $55,880 could occur.
There have already been some attempts to break through the $55,500 resistance, but so far without success, the next attempts will have to be to break through, because if not, the negative corrections will appear again to below the $54,220 and $54. 000, where new tests in the price area of $53,500 or even above the EMA 100 (H1) will be made, and with that weakening this support of the EMA 100 (H1) where it could be broken down and give the sequence of the negative corrections to the $53,220 and $53,000.
Only a good, strong advance above U$55,000 for the next few sessions for the Bitcoin price to continue its positive advances.
A daily close was made in the $54,838 price area.
For today a good close would be above the $55,220 price area.
The ideal would be above $55,660.
Buyers remain in control of the situation where they will have to continue the positive advances above $54,500 and $55,000 in the short term to not suffer again the disadvantages created by sellers below $54,000.
Bitcoin TODAY at Braziliex: H1
Bitcoin price today on Braziliex continues in a downtrend below the R$300,000 price area.
The Bitcoin price on Braziliex in the past sessions, failed to make the necessary advances above the price areas of R$ 304,000 and R$ 306,000, and came back with the negative corrections where it has already tested the price area of R$ 281,000.
Now at the time of writing, the price of Bitcoin on Braziliex follows in the price area of $ 290,100, and needs to return with its positive developments above the price areas of $ 294,500 and $ 298,000, so that attempts to continue the positive developments can go above the $ 302,000, for the next sessions.
If the Bitcoin price fails to provide this continuation of these positive developments above the R$ 302,000, the negative corrections could go in search of a new bottom below the R$ 281,000.
Sellers have already shown that they may go in search of a new bottom below the R$260,000 and R$250,000 price areas, with the violin they have sent.
It follows buyers in Braziliex in an attempt not to lose control of the situation below the R$ 292,000 and try the necessary evolutions above the R$ 300,000; it remains for buyers in Braziliex to bar sellers above the U$ 277,660.
Resistances: R$ 292,057 // R$ 294,680 // R$ 296,913 // R$ 299,006.
Brackets: R$ 289,640 // R$ 287,111 // R$ 284,606 // R$ 281,319.
https://www.tradingview.com/x/Y4OJE7Kz
H4 chart:
Bitcoin price follows above the EMA 20 and 50, however, it is still below the EMA 5, 100 and 200 and inside the red Ichimoku Cloud, where it will be of extreme importance an exit above it in the next sessions to not have the continuity of more negative corrections below it.
It will be extremely important that the Bitcoin price tries to return with its positive consolidations above the EMA 100.
Follow the buyers in an attempt to bar sellers above the $54,000 price area, as below this price area sellers could gain more strength and force the downside below $53,000, and $52,780.
The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.
Resistances: U$ 54,810 // U$ 55,903 // U$ 57,028 // U$ 58,122.
Supports: U$ 53,872 // U$ 52,911 // U$ 51,997 // U$ 50,904.
https://www.tradingview.com/x/jDiT440R/
H1 chart:
Bitcoin's price follows above the 200 and 100 EMAs, however, it follows below the 50, 5 and 20 EMAs.
It will be of utmost importance that the Bitcoin price moves back above the $54,220 and $54,320 price areas and attempts the $54,500 breakout, which is presenting difficulties at this time.
Bitcoin price needs to remain supported above the 100 EMA as below it negative corrections could follow below the U$53,000 and U$52,660.
Buyers need to bar sellers above the $53,000 price area to avoid having major downside created below $53,000 and $52,780.
It follows buyers in the difficulty of returning positive developments above U$54,220.
Resistances: U$ 54.459 // U$ 54.846 // U$ 55.23 // U$ 55.620.
Supports: U$ 54,028 // U$ 53,674 // U$ 53,265 // U$ 52,868.
https://www.tradingview.com/x/nLr8vNqT/
Technical indicators: H4
RSI: The RSI on BTC's H1 chart timeframe is at the 5.43 level and with a bearish bias.
https://www.tradingview.com/x/ydx6GfPu/
MACD: The MACD on BTC's chart time is at the positive level 594 and with a bearish bias.
https://www.tradingview.com/x/vxQoqpdr/
OBV: The OBV on BTC's H1 chart time is at the 2.02 level and has a bearish bias.
https://www.tradingview.com/x/qsxcxppl/
M5 chart:
Bitcoin price follows a little bit above the VWAP and the Ichimoku Cloud, however, it follows below the BB centerline.
It will be important for the Bitcoin price to continue its positive developments above the Ichimoku Cloud so that it does not have the turns of negative corrections below the Ichimoku Cloud and still the possibilities of advancements below the $53,120 could arise.
Only a good and strong positive advance above $54,500 and $54,780 for the Bitcoin price to leave a risk area of more negative corrections below $54,000 and $53,550.
Follow the buyers in their attempts to come back with positive developments above $54,400.
https://www.tradingview.com/x/jLOIkYyj/
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nº343
