Bitcoin Price Evolution Analysis 05.05.2021

by CSM TRADER                                                                                                                

 nº347

 BTC price U$ 55.280.  

BTC price at Braziliex R$ 297.953.

USD/BRL price R$ 5.43.

Price EUR/BRL R$ 6.53.

Price Gold 1g R$ 311.42.

Good morning to all readers.

Bitcoin price continues in an uptrend above the U$ 52,000 price area.

The Bitcoin price in the past sessions, more or less 12h hours ago, did not get its necessary advances to break through the price area of U$ 56,500, where, began the negative corrections downwards from the price areas of U$ 56,000, U$ 55,000, U$ 54,000 and U$ 53,000, even testing the price area of U$ 52,899.

After the latter formed in the U$52,899 price area, the price of Bitcoin returned with recoveries of positive developments upwards to the U$53,000, U$54,000 and U$55,000 price areas.

Now at the time of writing the Bitcoin price is tracking in the U$ 55,666 price area.

It will be necessary for the Bitcoin price is on positive advancement attempts upwards from the U$55,800 and U$56,220 price area, where the breakout again at the U$56,500 price area could occur.

If the Bitcoin price achieves the necessary breakthroughs above U$56,500 and U$56,800 the possibilities of continued positive breakthroughs above U$57,000 and U$57,220 could arise and still go for tests in the U$58,000 price area.

On the other hand, if the Bitcoin price does not achieve the positive advances above $56,500 or even above $56,220, corrections will again appear below the $55,500 and $54,660 price areas, and may still extend below $53,500, where a search for the last formed bottom could take place and still go down to the $51,800 price area.

It will be necessary for the success of positive developments that the Bitcoin price stays supported for a few sessions and in consolidations above the EMA 100 (H1), where now at the time of writing the price follows a little below it.

A daily close was made below the $54,000 price area, it closed in the $53,030 price area.

For today a close above the $54,500 price area would be very important, as below $53,500, negative corrections could follow below $52,220.

Only a daily close above $56,120 to change the possible downside corrections that will come, to below $55,000.

Buyers are in control of the situation, but will face the difficulties of positive advances above the $55,500 again and $56,000 price areas.

If buyers fail to make these moves above $56,000 and $562,220 in the near term, sellers could step in and create the downside below the $55,500 and $55,000 price areas again, where it could extend below $54,000 and $53,000.

Follow the buyers in an attempt to evolve the Bitcoin price back above the $55,500 and above the 100 EMA (H1), which will be of extreme importance for the continuity of the positive evolutions with the Bitcoin price for the next sessions.

Bitcoin TODAY at Braziliex: H1

The Bitcoin price on Braziliex today, continues in an uptrend above the R$ 290,000 price area.

The Bitcoin price on Braziliex in past sessions has even tested the $290,000 price area, after failing to make positive advances above $310,000.

Now at the time of writing the Bitcoin price on Braziliex is tracking in the R$300,000 price area.

The Bitcoin price on Braziliex needs the attempts of the positive developments upwards from the R$304,600 and R$310,000 price area to get out of a risk area of further negative corrections downwards from the R$296,000 and R$288,600 price areas.

Ideally, the price of Bitcoin on Braziliex would move above $312,000 and stabilize above this price area for further consolidations where possible evolutions to attempts above $315,000 and $318,000 can emerge.

The buyers at Braziliex still remain in control of the situation, but are facing great difficulties in advancing above R$304,600 in the near term.

It will be extremely important for buyers to make these positive advances above the R$304,600 level, because if they go into exhaustion for trying, the sellers on Braziliex, will come back with the downside to below the R$300,000 and R$295,500 price areas.

It follows buyers on Braziliex in an attempt to bar sellers above the R$300,000 price area, and still buyers on Braziliex, will have to advance Bitcoin price upwards of R$304,600 and R$310,000, for the next few sessions.

Resistances: R$304,722 // R$307,133 // R$310,116 // R$312,960. 

Supports: R$ 300,024 // R$ 297,820 // R$ 295,525 // R$ 293,317.

https://www.tradingview.com/x/DOy8pCWb

H4 chart:

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

The price of Bitcoin needs to continue positive moves upward in the Ichimoku Cloud to get out of a large risk area in the near term to return to negative corrections below $55,000.

Only a good and consolidated advance above the 100 and 50 EMA for the Bitcoin price to continue its positive developments above $55,500, where the attempts of positive advances above $56,000 and $562,220 could take place.

Buyers will need a lot of strength for the possible moves to break out above the Ichimoku Cloud, and where still, they will face the EMAs to continue the attempts of the positive moves above $55,680 and $56,120.

If the buyers fail, the sellers will take control of the situation where they could come back with their downside below the $55,000 and $54,500 price area, where buyers will have to defend these price areas to stop further downside from sellers below $53,500 and $53,000.

Buyers will continue to struggle with the positive developments to break out above the Ichimoku Cloud.

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$ 55.825 // U$ 56.557 // U$ 57.049 // U$ 58.278.

Supports: U$ 54,785 // U$ 53,934 // U$ 52,912 // U$ 52,162.

https://www.tradingview.com/x/8nG0oKWH/

H1 Chart:

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

It will be necessary for the Bitcoin price to return with its continued positive developments above the 50 EMA and advance above the 100 EMA, as below the EMA the negative corrections could reappear and still advance below the $55,120 and $55,000 and still extend below the $54,500.

It is extremely important for buyers to stop sellers above the $55,000 price area, because below this price area, sellers will gain more strength where they could go in search of the last bottom formed there at the $52,899 price area and still extend below $5,220 and go in search of $51,500.

Follow the buyers in an attempt to keep the Bitcoin price above the EMA 20.

Resistances: U$ 55,694 // U$ 56,177 // U$ 56,555 // U$ 57,009.

Supports: U$ 54,966 // U$ 54,540 // U$ 54,171 // U$ 53,727.

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

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 33.81 level and with bullish bias.

https://www.tradingview.com/x/2cIi0fC9/

MACD: The MACD on BTC's chart time is at the negative -410 level and stabilized.

https://www.tradingview.com/x/5dKF1zhs/

OBV: The OBV on BTC's H1 chart time is at the 2.04 level and stabilized.

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

M5 chart:

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

It will be necessary for the Bitcoin price to continue its positive developments above the Ichimoku Cloud in order not to take losses below it again in the short term.

Follow the buyers in their attempts to move the Bitcoin price above $55,500 again.

https://www.tradingview.com/x/4g6587Ay/

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nº347