Bitcoin Price Evolution Analysis 05.02.2021
by CSM TRADER
nº289
Price of BTC U$ 37,560.
BTC price at Braziliex U$ 204,293.
Price USD/BRL R$ 5.42.
Price EUR/BRL $ 6.50.
Price Gold 1g R$ 309.79.
Good morning to all readers.
Bitcoin price is in an upward trend above the price area of U$ 37,220.
The price of Bitcoin at some past sessions, even tested twice the price area of U$ 36,570, and with this, forming a pattern of W began its positive evolution again above the price area of U$ 37,000, where it continued its evolution until the price area of U$ 37,800.
In the case mentioned above the Bitcoin price has a great resistance to be surpassed which is in the U$ 37.800 price area, where it has been tested a few times.
Now at the time of writing the price of Bitcoin is in the price area of $37,606 and should give continuity to new tests in the price area of $37,800; remembering that the more a resistance is tested the weaker it becomes and the probabilities of a break may start to appear.
The price of Bitcoin needs to exceed this resistance in the U$ 37,800 so that the positive evolutions above the price areas of U$ 38,000 and U$ 38,120 can occur again, and also, it can extend above the price area of U$ 38,320.
Only with good consolidations and above the price area of U$ 38.220 and U$ 38.500 will the Bitcoin price be able to give continuity to attempts of positive advances above the price areas of U$ 38.660 and U$ 38.700 where the Bitcoin price will face again the strong resistance of U$ 38.700 and U$ 38.800; where once the possibilities of advances above U$ 39.000 and a search for the price area of U$ 40.000 can occur.
If the Bitcoin price fails to break the price areas of $37,700 and $38,000, the disadvantages will appear below the price areas of $37,500 and $37,220 and may return to the price area of $36,800 where the Bitcoin price will have to stop the negative corrections above the support formed in the price area of $36,500, because below this the disadvantages may be much greater.
Only a good advance above the triangle for the Bitcoin price will give the continuity of positive advances above U$ 38,000, for the next sessions.
It was made a closing of the journal above the price area of U$ 36,800.
For today it would be important to close above the price area of U$ 37,600. The ideal would be a daily closing above U$ 38,000, so that at the end of the week the price of Bitcoin can continue above U$ 38,220 and U$ 38,500.
The buyers came back to control the situation after doing a great job in barring the sellers above the support, in the $36,500 price area.
The buyers have already tested the $37,800 price area again.
Now at the time of writing, the buyers are in control of the situation and are in the fight with the sellers in the $37,412 price area.
It will be necessary for the buyers to stay above the EMA 5 and 20 (H1) for the next sessions, so that the sellers do not start to control the situation and with this they will create disadvantages below the $ 37,220 price area.
If it happens that sellers enter into control of the situation, buyers need to bar sellers above the EMA 50 (H1) because below it the disadvantages may continue up to the price area of $36,800 and $36,500.
On the other hand, if the buyers get a good advance above the price area of U$ 38,000 and U$ 38,120 the positive evolutions above the U$ 38,320 may arise, where the buyers will have to defend the price area of U$ 38,000 not to lose the evolutions made.
Only a good and consolidated positive advance of the buyers above the price areas of U$ 38.120 and U$ 38.220 to start new consolidations and positive evolutions and still being able to extend above the U$ 38.400 and U$ 38.500.
The buyers need in the short term a good break above the triangle (H1).
It was made a closing of the daily above the support in the area of price of U$ 36,500.
For today a good closing of the diary would be above the price area of U$ 37,680 where the ideal would be above U$ 38,000.
It follows the buyers in the attempts of positive advances above the price area of U$ 37,800 and still need to leave well above the triangle (H1), so that the positive evolutions can arise.
Bitcoin TODAY at Braziliex: H1
The price of Bitcoin at Braziliex today, continues with its good evolutions above the price areas of R$ 198,200 and R$ 200,000.
The price of Bitcoin at Braziliex needs to give the continuity of maintaining itself above the price areas of R$ 197.400 and R$ 198.000 for the next sessions.
In the case mentioned above, if the price of Bitcoin continues to consolidate above the price areas of R$ 198,000 and R$ 200,000 the probability of positive developments above the price areas of R$ 204,000 and R$ 206,600 may arise for the next sessions and these positive developments may also extend above the price areas of R$ 210,000
Only a good advance above the R$ 205,000 resistance grid for possible positive advances above the R$ 210,000.
The buyers at Braziliex remain in total control of the situation above the R$ 198,000 price area.
Now at the time of writing the buyers follow with the price of Bitcoin in the price area of R$ 204,000.
It will be extremely important for the buyers to break the strong resistance of the R$ 205,000 for the continuity of positive evolutions and with that the probabilities of the buyers to go in search of the R$ 210,000 had happened.
If buyers fail to break the R$ 205.000, sellers will be able to take advantage of the situation and create the disadvantages down from the R$ 201.220 and R$ 198.660 price areas; where buyers will have to bar sellers above these price areas in order not to have more disadvantages down from the R$ 197.200.
It follows the buyers in an attempt to evolve above the resistance of the $ 205,000.
Resistance: R$ 203.975 // R$ 205.107 // R$ 206.578 // R$ 207.826.
Supports: R$ 201.974 // R$ 200.126 // R$ 198.580 // R$ 197.109.
https://www.tradingview.com/x/UYF6vkFI
Graph H4:
The price of Bitcoin follows above EMAs and well above Ichimoku Cloud.
It will be necessary for the Bitcoin price to continue positive advancements above the price area of U$ 37,800 and U$ 38,000.
If the Bitcoin price goes into exhaustion in the attempts at positive feeds above the $37,800 resistance, the negative corrections may start to appear and proceed below the $37,500 price area.
Buyers remain in full control of the situation and are wanting to move up the great resistance of $37,800 and $38,000.
Once these advances are completed, buyers will have to keep the Bitcoin price above the price area of $38,080 and $38,120 in order not to lose all this work with the developments upwards of $38,000.
If buyers fail to evolve the price of Bitcoin above $38,000, sellers will get in control of the situation and can lower the price of Bitcoin below $37,600 where buyers will have to try to keep the price of Bitcoin above the EMA 5 in order not to have major disadvantages below it.
Follow the buyers with great difficulties to evolve the price of Bitcoin above the price area of U$ 37,760.
The graph 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$ 37.770 // U$ 38.005 // U$ 38.149 // U$ 38.370.
Supports: U$ 37.516 // U$ 37.290 // U$ 37.050 // U$ 36.868.
https://www.tradingview.com/x/wEagxUcK/
Graph H1:
The price of Bitcoin follows above the EMAs and above the Ichimoku Cloud.
The price of Bitcoin is inside the triangle; where the positive evolutions upwards will be of extreme importance, so that the continuity of positive advances upwards from the price area of U$ 37,770 can occur, and also, the possibilities of breaking the resistance of U$ 37,800 and U$ 38,000 can happen.
On the other hand, if the Bitcoin price goes into exhaustion due to attempts to go beyond the $37,800 and $38,000 price area, it may trigger negative corrections that may extend below the $37,600 and $37,500 price areas where the Bitcoin price needs to stay above $37,500 in order not to have the disadvantages following below the $37,360 and $37,220 price area.
Buyers keep track of where they are with the Bitcoin price in the $37,670 price area.
It will be important for the buyers now for the next sessions to move up the price areas of $37,800 and $38,000; because it has been 6 hours that the buyers are trying to break up the price area of $37,800, and one hour they will be able to go into exhaustion and there, the sellers will take advantage of the situation and start to create the disadvantages below the price areas of $37,600 and $36,460.
The sellers just broke the $37,800; now they need to give the continuity of positive evolutions up the triangle and up the $38,000.
Resistance: U$ 38.017 // U$ 38.275 // U$ 38.579 // U$ 38.790.
Supports: U$ 37.659 // U$ 37.323 // U$ 37.36.988 // U$ 36.772.
https://www.tradingview.com/x/YrQ5AVuR/
Technical indicators: H1
RSI: The RSI on the BTC H1 chart is at level 85 and biased upwards.
https://www.tradingview.com/x/Ct1jQn4y/
MACD: The MACD on the BTC chart time is at the positive level of 141 and bullish bias.
https://www.tradingview.com/x/Ct1jQn4y/
OBV: The OBV in BTC's H1 graphic time is at level 907 and bias upwards.
https://www.tradingview.com/x/BfUaw4MD/
M5 Graph:
The price of Bitcoin follows above the EMAs and above the Ichimoku Cloud.
The price of Bitcoin needs to give is continuation of positive advances above the price area of U$ 38,000 where it will extend above U$ 38,500, but before it will have to make a good consolidation above U$ 38.0.80.
It follows the buyers above the price area of U$ 38.060.
Resistance: U$ 38.091 // U$ 38.156 // U$ 38.231 // U$ 38.303.
Supports: U$ 37.963 // U$ 37.858 // U$ 37.733 // U$ 37.607.
https://www.tradingview.com/x/rhAt8PnU/
Graph from now, but with yesterday's parameters. Notice the blue dotted line.
https://www.tradingview.com/x/yjXD79BE/
BTC dominance 61.16%
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nº289
