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Bitcoin Price Evolution Analysis 05.12.2021

By CSM TRADER | CSM TRADER | 12 May 2021


Bitcoin Price Evolution Analysis 05.12.2021

by CSM TRADER                                                                                                                

 nº352

 BTC price U$ 56.200.  

BTC price at Braziliex R$ 297.250.

USD/BRL price R$ 5.22.

Price EUR/BRL R$ 6.33.

Price Gold 1g R$ 309.12.

 

Good morning to all readers.

Bitcoin price is still in a downtrend below the $58,000 price area.

The price of Bitcoin a few sessions ago managed to surpass the U$ 56,500 and U$ 57,500 price areas, and even tested the U$ 58,001 price area.

In the case mentioned above, the Bitcoin price failed to overcome the previous top which is in the price area of U$58,594, and with that came the negative corrections down to U$57,500 and U$56,500.

Now at the time of writing, the Bitcoin price is still in the price area of $56,070.

It would be very important for the Bitcoin price to stop above the U$ 56,000 and U$ 55,500 price areas, because below these price areas the negative corrections could be heavier, and go for the last bottom formed in the U$ 53,399 price area, or even lower, and thus going below the U$ 53,000 and U$ 52,660 price areas.

If the price of Bitcoin remains above U$ 56,000 the possibilities of return of the positive evolutions above U$ 56,500 could arise, and still, go for testing above U$ 57,220, U$ 57,500 and U$ 58,001, where it will be of extreme importance that the price of Bitcoin "pass by" the U$ 58,000 to not have the formation of the double top pattern in this price area, because then you know right ...... The market does not forgive double tops.

Only a good, strong short-term advance above the EMA 50 again, for the Bitcoin price to stop its continued downward corrections below $56,340 and $56,000.

A daily close was made in the U$56,670 price area.

For today a good daily close will continue to be above $56,320, a close below $56,000 the possibility of continued downward corrections below $56,000 may occur.

I would like to remind you that the price of Bitcoin could still have negative corrections below $50,000 and $48,000, so stay tuned my dear readers.

 

The buyers managed a test in the price area of $58,001, but, they could not overcome the last top formed in the price area of $58,594, and with that they weakened and the sellers took over the situation where they continue with their disadvantages until the moment of writing below the price area of $56,340.

Buyers need to try, maintain and come back with consolidations with the Bitcoin price above the $56,500 price area; because below $56,000, sellers will continue the downside down to below $55,500 and $55,120.

Only a good and consolidated advance of buyers above $56,500 for the next sessions, to try to reverse the situation of more downside created by sellers below $56,000 and $55,500.

The buyers are still trying to stop the sellers above $56,000 and still need the continuity of the positive developments above $56.30 and $56,500.

 

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, managed to make a test in the price area of $ 310,000, but could not hold above and not in consolidations and with that returned the negative corrections to below the $ 305,000 and $ 3000,000, where a test was made in the price area of $ 291,0001, i.e. a lower bottom than yesterday's which was in the price area of $ 293,000.

Now at the time of writing, the price of Bitcoin on Braziliex follows in the price area of R$303,989 and tries to move above the price areas of R$305,000 and R$307,320, which will be of extreme importance for consolidations to hold above R$302,222, and possible attempts to break back above R$310,000, may arise.

If the Bitcoin price on Braziliex fails to continue positive developments above the R$306,000 and R$308,500, negative corrections could appear again below the R$300,000 and R$297,500 price areas.

The buyers on Braziliex are trying to stay in control of the situation above R$300,000, but the sellers are also with forces where they are not letting the buyers evolve with the Bitcoin price on Braziliex above R$305,500.

It will be important for the upcoming sessions that the buyers achieve breakouts and consolidations above the R$306,000 price area.

If buyers fail in these developments the sellers have regained control of the situation below R$300,000, where the possibilities of the downside below R$297,500 could arise and still extend below R$294,666.

It follows buyers on Braziliex trying to keep the Bitcoin price above R$300,000.

Resistances: R$304,982 // R$307,939 // R$310,599 // R$313,178. 

Supports: R$ 96,194 // R$ 292,223 // R$ 288,589 // R$ 284,787.

https://www.tradingview.com/x/27po64m6

 

H4 chart:

Bitcoin price follows a little above the 200 EMA, however it follows below the 100, 5 and 30 EMAs and is a little inside the Ichimoku Cloud.

The Bitcoin price needs to stay above the EMA 200 for the next few sessions, as below the EMA 200 the downward corrections will continue downward from the $56,2000 and $56,000 price areas.

Only with consolidations above the EMA 200 will the Bitcoin price achieve the necessary evolutions to move above the resistance of $56,5000, which was once support.

Follow the buyers in an attempt to keep the Bitcoin price above the EMA 200 for possible consolidations and evolutions above the U$ 56,500 and U$ 56,780.

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

Resistances: U$ 56,519 // U$ 57,058 // U$ 57,555 // U$ 57,980

Supports: U$ 56,167 // U$ 55,753 // U$ 55,256 // U$ 54,780.

https://www.tradingview.com/x/PttFS6Es/

 

H1 chart:

Bitcoin price is tracking below the EMAs and below the BB centerline, and is still inside the Ichimoku Cloud.

Bitcoin price needs to rise above the Ichimoku Cloud for positive developments to proceed above $56,500 and still needs to stay supported above the EMA 5 in the near term.

Now at the time of writing the Bitcoin price fails to provide the continuation of positive developments above the U$56,500 resistance.

It will be of extreme importance this breakthrough above U$ 56,500 for the Bitcoin price to break out of a risk area of continuing negative corrections below U$ 56,000 and U$ 55,500.

The buyers still continue in the attempts of the positive evolutions above the U$ 56,500, they have already tried once and failed, they lack 2 attempts to break through and evolve the Bitcoin price above the U$ 56,780 and U$ 57,000, because, if they fail the sellers will continue in control of the situation where they will continue with the disadvantages below the U$ 56,000. 

Follow the buyers in the attempt of the positive evolutions above U$ 56,500 and U$ 56,780.

Resistances: U$ 56,697 // U$ 56,858 // U$ 57,169 // U$ 57,600.

Supports: U$ 56,106 // U$ 55,674 // U$ 55,303 // U$ 54,842.

https://www.tradingview.com/x/3NgS0Jbg/

 

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 54 level and with a bearish bias.

https://www.tradingview.com/x/rlfqhO5p/

MACD: The MACD on BTC's chart time is at the negative -185 level and with a bearish bias.

https://www.tradingview.com/x/9MJWeN0H/

OBV: The OBV on BTC's H1 chart time is at the 2.06 level and stabilized.

https://www.tradingview.com/x/k3hSJVS1/

 

M5 chart:

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

The Bitcoin price needs the continuity of the positive developments above $56,500 and $57,000 for the next sessions, in order not to have the negative corrections back below $56,220 and $56,000 where the possibilities of continuity of the negative corrections below $55,500 could arise.

Buyers need to continue the positive moves above $57,000 and $58,000 to try to make a higher top than their previous one.

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

 

Dominance 42.32 %

 

"Money is a curious business. Who doesn't have it is crazy to have it, who has it is full of problems because of it. " ----- Ayrton Senna

 

 

Keep following my analysis also on Tradingview:

https://br.tradingview.com/chart/BTCUSDT/7lRb9KLG/

 

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nº352

 

 

 

 

 

 

 

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CSM TRADER
CSM TRADER

I'm a graphic analyst


CSM TRADER
CSM TRADER

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