Bitcoin Price Evolution Analysis 05.07.2021

by CSM TRADER                                                                                                                

 nº349

 BTC price U$ 56.410.  

BTC price at Braziliex R$ 300.302.

USD/BRL price R$ 5.27.

Price EUR/BRL R$ 6.37.

Price Gold 1g R$ 308.40.

Good morning to all readers.

The price of Bitcoin continues in an uptrend above the $55,000 price area.

Bitcoin price in the past sessions as written in my Analysis of yesterday 06.05.2021; to give the continuities of positive developments should break through the strong resistance of U$ 58,460 and U$ 58,970.

The Bitcoin price failed in these positive advances above $58,460 and $58,970, testing only the $58,365 price area, where it failed to continue positive developments above $58,460.

In the case mentioned above, the Bitcoin price after failing to proceed above the U$ 58,400 went into negative corrections that came down the price areas of U$ 58,000, U$ 57,000, U$ 56,000 and even testing the areas and price of U$ 55,198 and U$ 55,240.

Now at the time of writing, the Bitcoin price follows in a small positive development above the U$ 55,500 price area, where it is in the U$ 56,360 price area.

It will be of utmost importance that the Bitcoin price continues the positive developments above the $56,500 resistance, where it already seems to have problems in these positive developments above it.

If the Bitcoin price manages to move above $56,500, the next step to be worked on will be the break through $57,000 and $57,340.

With this step completed the Bitcoin price needs to remain in consolidations above $57,120 so that in the next few sessions the Bitcoin price can make good positive advances above $57,500 and $57,780.

The Bitcoin price needs to remain supported above the 100 (H1) EMA for the next few sessions and still attempt the climb above the Ichimoku Cloud.

If the Bitcoin price fails to make the positive advances and consolidations above $57,000; the negative corrections will emerge again, and with that, the possibilities of a return to the $56,340 and $56,000 price areas could occur.

Remembering that the price of Bitcoin needs to remain above the last bottom formed in the price area of $55,240, because below this price area, the negative corrections could extend below $55,000 and $54,500, and still, attempts to correct below $53,760 could arise.

Only a good, strong advance in the Bitcoin price above $57,220 in the near term for the Bitcoin price not to enter negative corrections below $56,500 again.

A daily close was made in the price area of $56,393.

For today, it is important to close the daily above the price area of $56,500, because a daily close below $56,500 or $56,120 could invalidate the continuity of positive developments above $57,500 and $58,000, and the negative corrections could still be much larger below $55,500.

Buyers are still trying to resume positive moves above $56,500 and $57,000, which will be extremely important in the short term.

If buyers fail in these positive evolutions above $56,500 and $57,000, sellers will take advantage and get back in control of the situation where they will once again create the downside below $56,120 and $55,660 and may even extend the downside below $55,000.

The buyers now at the time of writing manage to open another "candle" above the EMA 100 and above the EMA 50; all that is needed now is for the buyers to keep the Bitcoin price above them for the next few sessions.

Follow the buyers in the attempts to continue the positive developments above the U$ 56,500 and still have to move above the U$ 56,800 and keep the Bitcoin price above the U$ 56,500, not to lose all the work done so far.

Bitcoin TODAY at Braziliex: H1

The Bitcoin price on Braziliex is still 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 $312,000, $310,000, and with that, came the negative corrections below $308,000, where there were some more attempts to return to positive developments above $304,000, but without success.

Now at the time of writing the price of Bitcoin on Braziliex follows below the price area of $ 3000,000, where it is in the price area of $ 297,085; where it has already made a test in the price area of $ 294,990.

It will be of utmost importance that the Bitcoin price on Braziliex returns with its positive developments above the R$ 300.00 and thus returns to attempts at consolidations above the R$ 302,660 in the short term.

If the Bitcoin price on Braziliex fails in these attempts to get back above the R$300,000 and R$304,660 for the next few sessions, the possibilities of continued negative corrections below the R$300,000 could follow, and still go below the last bottom formed in the R$294,990 price area and extend below the R$290,500.

Only a good, strong advance above R$302,500 for the price of Bitcoin on Braziliex to start being back in a safer area of continuing negative corrections.

Buyers have lost control of the situation below the R$300,000 price area.

Sellers on Braziliex are still holding the Bitcoin price in the $297,085 price area and look like they want to continue the downside below $295,500 and $294,000.

Buyers will have to try at all costs to bar sellers above the last formed bottom, at the R$ 294,990 price area, because below this price area, sellers will gain more strength where they can continue to create the downside below R$ 290,000.

Follow the buyers in an attempt to regain control of the situation above the R$ 297,000.

Resistances: R$ 299,981 // R$ 303,114 // R$ 305,713 // R$ 308,180. 

Supports: R$ 297,108 // R$ 294,775 // R$ 291,909 // R$ 288,110.

https://www.tradingview.com/x/3AxLQ1rV

H4 chart:

Bitcoin price is tracking above the EMAs and is starting to break out above the Ichimoku Cloud, which will be extremely important for continued positive developments for the attempts of the positive developments above the $57,000.

It will be necessary for the Bitcoin price to continue its positive moves above the 20 and 5 EMAs.

If the Bitcoin price fails to make these positive moves above $57,000, negative corrections could reappear, and this time they could proceed negatively below the $56,500 and $56,000 price areas.

Follow the buyers in attempts to keep the Bitcoin price above the $56,400 and $56,500 price areas, which will be, of extreme importance for consolidations to be made above these price areas, and with that, the possibilities of positive advances above $57,000 increase.

The chart in H4 will follow the whole week in order to have a parameter of Bitcoin's price evolution. Only some adjustments will be made.

Resistances: U$ 56.9827 // U$ 57.751 // U$ 58.817 // U$ 60.072.

Supports: U$ 55,643 // U$ 54,449 // U$ 53,488 // U$ 52,138.

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

H1 Chart:

The price of Bitcoin already follows above the EMAs, however, it is still inside the Ichimoku Cloud.

It will be important for the next few sessions and in the short term, that the Bitcoin price breaks out above the Ichimoku Cloud and with that the continuities of positive developments above $57,000 could emerge.

It is also necessary for the Bitcoin price to stay above the 100 EMA in order to avoid negative correction turns below $56,320.

The Bitcoin price will still have to face the Ichimoku Cloud base line (red line) and a little higher up is the upper BB line.

Succeeding in these advances, the possibilities of advances above $57,000 and $57,120 could arise.

Follow the buyers in attempts to advance above the U$56,800 or even above the base line and the BB line.

Resistances: U$ 56.852 // U$ 57.154 // U$ 57.474 // U$ 57.820.

Supports: U$ 56.452 // U$ 56.052 // U$ 55.651 // U$ 55.198.

https://www.tradingview.com/x/TsGcFMT1/

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 32 level and with a bearish bias.

https://www.tradingview.com/x/QrIint3C/

MACD: The MACD on BTC's H1 chart time is at the positive level 46 and stabilized.

https://www.tradingview.com/x/Og84zFL5/

OBV: The OBV on BTC's H1 chart time is at the 2.05 level and small bearish bias.

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

M5 chart:

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

The Bitcoin price needs to continue the positive developments above the Ichimoku Cloud, because if the Bitcoin price enters the Ichimoku Cloud the possibilities of negative corrections below it could arise; and with that, the Bitcoin price could visit the price areas of $56,200 and $56,060.

Follow the buyers in their attempts to continue the positive developments above $56,780, where they have already made a test just now in this price area.

https://www.tradingview.com/x/D6404hQD/

Dominance 44.84%

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nº349