BTC

Bitcoin Price Evolution Analysis 05.13.2021

By CSM TRADER | CSM TRADER | 13 May 2021


by CSM TRADER                                                                                                                

 nº353

 BTC price U$ 49.468.  

BTC price at Braziliex R$ 256.874.

USD/BRL price R$ 5.30.

Price EUR/BRL R$ 6.40.

Price Gold 1g R$ 306.84.

 

Good morning to all readers.

 Bitcoin price follows me in a downtrend below the $52,000 price area and well below the 100 EMA (H1).

I would like to remind you that this correction has nothing to do with Elon Musk's Twitter (a little bit, it might even be); because inflation in the United States is what weighs the most, stock markets all over the world fell, so forget about Musk's Twitter; the media is just taking advantage of one more.

And we still have the main thing that those who understand charts know that a Double Top Pattern can do damage to any market.

Failed attempts for advances above $60,000.

And a test at the EMA 200 (pink line) might be coming.

https://www.tradingview.com/x/UTawR50r/

 

The Bitcoin price in past sessions, after failing to make the necessary advances above U$57,000 went into strong corrections below U$56,000, U$50,000 and U$47,000 and went on to test the U$45,999 price area; and falling over U$10,000.

Now at the time of writing the price of Bitcoin is in the $49,000 price area.

The Bitcoin price could still go for the last bottom formed in the $45,999 price area, and still extend its downside corrections below $44,500 and $43,220.

A stop above $41,660 will be mandatory, as below this price area we could see Bitcoin price below $38,660.

Only a good, strong and consolidated positive breakthrough above the U$ 51,500 resistance with a Weekly close above U$ 52,500, for the possible returns of positive evolutions above U$ 55,000, and still the possibilities of a return to the U$ 60,000 breakout attempts may re-emerge and climb to the ATH breakout attempts.

If the Bitcoin price fails on these attempts and positive advances up the U$52,000 and U$53,000, the Bitcoin price comes back with negative corrections down to below U$50,500 again.

The Bitcoin price needs to resume the price areas above the EMAs 5 and 20 at least, in the short term.

In the case mentioned above if the Bitcoin price fails in these advances above these EMAs, the continuities of the negative corrections will give the sequence down below the $50,000 and $49,500.

An advance above the EMA 5 and with stabilities and consolidations above it, will be crucial for attempts at positive evolutions back above U$50,000 and U$51,000 and U$51,360.

A daily close was made below the $50,000 price area, where it closed in the $48,740 price area.

For today an important daily close above the $47,500 price area is important, as below this price area, the corrections will be much larger.

 

Buyers have totally lost control of the situation after failing to make the necessary advances up to $57,000 and $59,000.

In the case mentioned above, sellers came into strong control of the situation at the $56,000 price area and created the downside that even tested the $45,999 price area.

Sellers remain strong below the $50,000 and $49,500 price areas, where the downside possibilities could still extend below $48,000.

It will be of utmost importance for buyers to stop sellers above the $47,500 support, as below this price area sellers will gain more strength and follow Bitcoin's price down to $47,000 and $46,500.

A good area of consolidations will have to be built by buyers between the $47,680 and $50,800 price areas for a good well sustained advance upwards to $51,000 and $52,000.

Follow the buyers as they try to move the Bitcoin price above $50,000.

 

Bitcoin TODAY at Braziliex: H1

The Bitcoin price on Braziliex continues in a downtrend below the R$300,000 price area.

The price of Bitcoin on Braziliex failed to continue the positive developments above $305,000, and entered into negative corrections below $300,000, remembering that this strong decline is also correlated with the price of Bitcoin worldwide.

The price of Bitcoin in Braziliex even gave a "Violin" that reached the price area of $ 100,000.

Now at the time of writing, the price of Bitcoin on Braziliex is still in the $263,000 price area.

It will be very important that the Bitcoin price on Braziliex stays above the R$ 260,000 and R$ 254,500 price areas, as below these price areas the downside could be much higher down to below R$ 252,440.

Only a good positive advance in the price of Bitcoin on Braziliex above the R$ 272,660, for the possible returns of consolidations and positive developments above the R$ 280,000.

Follow the buyers on Braziliex in attempts to turn the positive evolutions back above R$270,000.

Resistances: R$ 267,648 // R$ 273,476 // R$ 281,247 // R$ 289,601. 

Supports: R$ 257,351 // R$ 249,310 // R$ 241,538 // R$ 232,019.

https://www.tradingview.com/x/A26PScQ3

 

H4 chart:

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

Bitcoin price is attempting a rebound above the $50,000 price area, where breakout tests at the $50,500 and $51,500 resistance will emerge.

If the Bitcoin price fails in these attempts of the positive evolutions above the $50,500 the negative corrections could come back below $50,000 and still extend back below $50,000 and $49,666.

Buyers are still trying to regain control of the situation above $50,000.

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

Resistances: U$ 49,977 // U$ 50,655 // U$ 51,434 // U$ 52,163

Supports: U$ 49.449 // U$ 48.645 // U$ 47.815 // U$ 46.911.

https://www.tradingview.com/x/k5eVsI4z/

 

 H1 chart:

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

The Bitcoin price needs consolidations and positive developments above the $49,680 and $50,440 price areas.

If the Bitcoin price fails to attempt to break above the $51,500 price area again, it will form another Double Top (H1) and the downside corrections could come back below $51,000 and $50,500 and even further below $49,500.

Only a good strong breakout straight above $51,500 and $52,220 would invalidate a possible Double Top pattern in the $51,500 price area.

Of course; that first the Bitcoin price needs to break through the U$50,500 resistance, which is trying now at the time of writing and still hold above the EMA 5 for the next few sessions.

Follow the buyers in trying to keep the Bitcoin price above U$50,000 and need the positive developments above U$50,500, in the short term.

Resistances: U$ 50,388 // U$ 51,425 // U$ 52,355 // U$ 53,153.

Supports: U$ 49.457 // U$ 48.474 // U$ 47.453 // U$ 46.400.

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

 

Technical indicators: H4

RSI: The RSI on BTC's H1 chart timeframe is at the 18 level and with a bullish bias.

https://www.tradingview.com/x/PvX8Va6c/

MACD: The MACD on BTC's chart time is at the negative level -1765 and with a bearish bias.

https://www.tradingview.com/x/BwHakZD7/

OBV: The OBV on BTC's H1 chart time is at the 2.02 level and has a bullish bias.

https://www.tradingview.com/x/DlAtTQ6i/

 

M5 chart:

Bitcoin price is tracking above the VWAP, above the center line at BB and above the Ichimoku Cloud.

It will be important for the Bitcoin price to continue its positive developments above the Ichimoku Cloud and with that positive developments could go above $50,500 and $51,000.

If the Bitcoin price enters the Ichimoku Cloud the possibilities of an exit below the Ichimoku Cloud could occur and with that the negative corrections could go below $50,000 and $49,220.

Buyers will continue with the difficulty of positive developments above $50,500, and if they fail, sellers will continue with the downside below $50,000 and $49,000.

https://www.tradingview.com/x/rS1ZAUyY/

 

Dominance 42.35

"Never compare yourself to anyone in this world. If you do, understand that you will be insulting yourself. " ------ Bill Gates

 

 

Continue to follow my analysis also on Tradingview:

https://br.tradingview.com/chart/BTCUSDT/LT1UO9j8/

 

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nº353

 

 

 

 

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CSM TRADER
CSM TRADER

I'm a graphic analyst


CSM TRADER
CSM TRADER

Bitcoin graphical and fundamental analysis.

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