Bitcoin Price Evolution Analysis 05.17.2021
by CSM TRADER
BTC price U$ 45.021.
BTC price at Braziliex R$ 238.895.
USD/BRL price R$ 5.27.
Price EUR/BRL R$ 6.41.
Price Gold 1g R$ 311.62.
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The Bitcoin price follows in a downtrend below the $46,500 price area and the EMA 50 (H1).
The Bitcoin price this weekend 5/15 and 5/16/2021 failed in its positive moves upwards from the U$50,650 and U$49,600 price areas, and came to correct negatively up to the U$42,196 price area.
Now at the time of writing the Bitcoin price is tracking in the U$45,118 price area and still remains supported on top of the EMA 5 (H1).
It will be very important that the Bitcoin price remains above the EMA 5 (H1) in the short term, so as not to have the negative corrections back down to the U$44,660 and U$44,120, for the next few sessions and still being able to go to test again at the last bottom formed in the U$42,126 price area or even open a new bottom in the U$41,526 price area.
The Bitcoin price needs to continue its positive developments above the EMA 20 (H1) or above the price areas of U$45,500 and U$46,120 for it to exit a risk area of possible negative corrections below U$44,500.
If the Bitcoin price fails to break through the $46,500 price area the downside corrections will appear again.
A breakthrough for the next few sessions and with further consolidations and stabilities above the EMA 50 (H1) would be of utmost importance for the Bitcoin price to return its attempts at positive advances above U$47,500 and U$48,000.
A daily close above the U$ 46,357 price area was made.
For today, a daily close above the $46,500 price area will be very important.
In my analysis on 5/13/2021 I wrote that a test of the EMA 200 (D1) could be coming; and it did.
Day 5/17/2021; a few sessions ago:
Sellers remain in control of the situation where buyers just now missed the EMA 5 (H1).
Sellers are looking to continue their downside continuities below the last bottom formed in the $42,196 price area.
In the case mentioned above, if buyers fail to hold sellers above $43,500 and $42,500 then sellers' downside could continue below $42,000 and $41,500 where a test of the $38,680 price area may be in the offing.
Now; if buyers manage to hold sellers at the last bottom formed at or above $42,196, a double bottom will be formed, and with that, buyers could gain strength and come back with their positive developments above the $43,000 and $45,500 price areas.
Follow the buyers in an attempt to get Bitcoin's price back above U$44,870 or even above the EMA 5 (H1).
Bitcoin TODAY at Braziliex: H1
Bitcoin price today at Braziliex, continues in a downtrend below the R$250,000 price area.
The Bitcoin price at Braziliex this weekend 05/15 and 05/16/2021 failed to make positive advances upwards from the R$275,000 and R$280,000 price areas and with that came negative corrections downwards to the R$260,000, R$250,000 and R$240,000 price areas and even testing the R$227,000 price area.
Now at the time of writing the Bitcoin price on Braziliex is tracking in the R$237,577 price area.
It will be important for the Bitcoin price on Braziliex to continue its consolidations and positive advances above the R$230,000 price area, as below this price area negative corrections could vote to happen and go to test or even further below the last formed in the R$227,000 price area.
Sellers on the Braziliex remain in control of the situation where they are hindering buyers' advances above the R$250,000 price area.
Only a good positive advance by buyers on Braziliex above the R$242,320 and R$250,120 price areas will get them out of a risk area of more downside created by sellers down to the R$230,000 and R$224,550 price areas.
Follow the buyers on Braziliex in the attempts of the positive developments above the R$240,000.
Resistances: R$ 252,064 // R$ 258,575 // R$ 264,758 // R$ 269,593.
Supports: R$ 243,457 // R$ 237,196 // R$ 231,249 // R$ 225,615.
Bitcoin price follows below the EMAs and below the Ichimoku Cloud, however, it follows slightly above the VWAP and above the lower BB line.
The price of Bitcoin needs to continue its positive moves above the EMA 5 and stabilize above it so that it does not return with its negative corrections below $45,000 and $44,780.
The buyers continue their attempts to continue the positive moves above $45,660.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 46,273 // U$ 47,728 // U$ 48,874 // U$ 50,108.
Supports: U$ 44.818 // U$ 43.827 // U$ 42.740 // U$ 41.595.
Bitcoin price is tracking above the 5 EMAs and above the BB centerline, however, it is still below the 20, 50, 100 and 200 EMAs and below the Ichimoku Cloud.
It will be important for the next few sessions that the Bitcoin price continues its consolidations above the $44,780 price area to form a good support base above this price area, and with that, giving the possibilities for positive developments to continue above $45,380.
The Bitcoin price needs to break through the $46,500 price area in the next few sessions in order not to enter a new Double Top pattern, and with that, the downside corrections could come back below the last bottom formed in the $42,196 price area, where, the possibilities of advances below $41,500 and $39,880 could arise.
Buyers remain in control of the situation by holding the Bitcoin price above the BB centerline.
Buyers will have to keep the Bitcoin price above the EMA 20 and 5 in the short term, to give the possible continuities of the positive evolutions above U$ 46,000 and U$ 56,220, and go for the breakout in the U$ 46,500 price area; which will be of extreme importance for the positive evolutions to occur above U$ 47,000 and U$ 47,360.
Resistances: U$ 45.814 // U$ 46.439 // U$ 46.930 // U$ 47.498.
Brackets: U$ 45,186 // U$ 44,717 // U$ 44,379 // U$ 43,976.
Technical indicators: H4
RSI: The RSI on the H1 chart timeframe for BTC is at the 66 level and with bullish bias.
MACD: The MACD on BTC's chart time is at the negative 1900 level and with small bullish bias.
OBV: The OBV on BTC's H1 chart time is at the 1.99 level and with a bearish bias.
Bitcoin price is above the VWAP, but is below the BB centerline and inside the Ichimoku Cloud.
The Bitcoin price needs to continue above the Ichimoku Cloud and stay above the LTA for the continuation of positive developments to vote above the BB centerline and above $45,780.
Follow the buyers in an attempt to keep the Bitcoin price above the U$45,000 price area, which will be extremely important in the short term.
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