Bitcoin Price Evolution Analysis 05.19.2021

by CSM TRADER                                                                                                                 

 nº357

 BTC price U$ 39.410.  

BTC price at Braziliex R$ 207.516.

USD/BRL price R$ 5.26.

Price EUR/BRL R$ 6.42.

Price Gold 1g R$ 315.42.

Good morning to all readers.

Bitcoin price is still in a downtrend below the price area of $41,500 and the EMA 200 (D1).

The Bitcoin price in the past sessions managed to break through the Double Bottom that was between the price areas of $42,000 and $42,487.

With this breakout of the Double Bottom the Bitcoin price gained strength and continued its negative corrections downwards from the U$40,500 and U$39,000 price areas and even testing the U$38,550 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$39,160 price area, and going to test at the last bottom formed in the U$38,550 price area.

The Bitcoin price would need a good consolidation between the U$38,600 and U$39,780 price areas for attempts to return positive developments upwards from the U$41,000 price area; where it already shows some difficulty in advancing upwards from it.

If the Bitcoin price continues with its negative corrections below the last bottom formed at $38,550, the negative corrections could continue below $37,500 and $35,880.

We could still see Bitcoin price below U$34,220, if Bitcoin price fails to break through the U$40,220 and U$41,500 price areas, and stabilize above these prices.

Only a move back above the 200 EMA (D1) and with stabilities and consolidations above it, for a trend reversal in the medium term.

A daily close was made below the $42,880 price area.

For today a good close even to hold the negative corrections would be above the $40,220 price area.

The ideal would be a close above the EMA 20 (H1).

Sellers remain in full control of the situation after they managed to create the downside below $42,000.

Sellers follow with the price of Bitcoin in attempts to continue their downside below the $38,550 price areas.

Buyers will have to fight to not let sellers get these negative advances below $38,500, as below this price area the downside created by sellers could still be much greater and continue below $38,000 and $37,560.

It will be necessary for buyers to attempt to build a base (support) above the $38,220 price area.

Follow the buyers in their attempts to hold off the sellers above the $39,000 price area.

Bitcoin TODAY at Braziliex: H1

The price of Bitcoin today on Braziliex continues in a downtrend below the R$330,000 price area.

Bitcoin price on Braziliex in the past sessions failed to make the necessary advances upwards from the R$ 245,000 price areas, and with that came the negative corrections downwards from the R$ 235,000, R$ 220,000 and R$ 210,00 price areas, where a test in the R$ 203,432 price area has already been made just now.

The Bitcoin price needs to return with its consolidations above the R$ 214,500 price area for the attempts of possible positive developments above the R$ 218,660 and R$ 220,000 and stabilize above these price areas for possible returns of positive developments above the R$ 228,000 and R$ 230,000.

If the Bitcoin price on Braziliex fails to make positive advances above the R$ 214,500 the negative corrections could continue below the R$ 200,000 and enter the R$ 198,200 price area downwards.

Sellers on Braziliex remain in full control of the situation below the R$230,000 price area.

Only a good strong advance by buyers above the R$226,000 price area, to get out of a risk area of more downside created by sellers below the R$200,000 price area.

Follow the buyers on Braziliex in attempts for positive developments above R$ 212,000 in the short term.

Bitcoin price heading towards the R$ 150,000 price area.????

Leave your guess.

Resistances: R$ 211,118 // R$ 219,092 // R$ 225,558 // R$ 234,610. 

Supports: R$ 204,436 // R$ 196,678 // R$ 189,781 // R$ 181,591.

https://www.tradingview.com/x/SL5G7pyk

H4 chart:

Bitcoin price follows below the EMAs and below the Ichimoku Cloud.

Bitcoin price now at the time of writing, trails below the $38,800 price area and has broken the last funnel formed in the $38,550 price area.

Now the Bitcoin price may continue its downward corrections below U$37,500 and U$37,000.

Buyers need to bar sellers above $37,500 so that they don't have further downside down to below $37,000 and $35,800 for the next sessions by sellers.

Follow the sellers in their attempts to break through the $37,000 support.

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$ 40,896 // U$ 42,792 // U$ 44,204 // U$ 45,535.

Supports: U$ 38,517 // U$ 36,863 // U$ 34,886 // U$ 33,555.

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

H1 Chart:

Bitcoin price follows below the EMAs and below the Ichimoku Cloud.

It will be of utmost importance that the Bitcoin price stays above the last bottom formed just now where it tested the $36,326 price area.

If the Bitcoin price tests this bottom again the possibilities of advances below $34,500 and $33,670 will arise.

Sellers are still in control of the situation and want to create more downside down to below $35,500.

Only a good strong advance by buyers above $40,000 to reverse the situation of more downside created by sellers.

Resistances: U$ 39,692 // U$ 40,450 // U$ 41,048 // U$ 41,738.

Supports: U$ 38,497 // U$ 37,462 // U$ 36,313 // U$ 35,026.

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

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 14.53 level and with a bearish bias.

https://www.tradingview.com/x/8QX6Jh1l/

MACD: The MACD on BTC's chart time is at the negative level -2326 and with a bearish bias.

https://www.tradingview.com/x/6kMJiyRC/

OBV: OBV on BTC's H1 chart time is at the 1.88 level and has a bearish bias.

https://www.tradingview.com/x/lZy44yWt/

M5 chart:

Bitcoin price is tracking below the VWAP, below the BB centerline and below the Ichimoku Cloud.

It would be of utmost importance that the Bitcoin price gets back above the Ichimoku Cloud to stop the continuities of negative corrections below $36,600 and $35,500 for the next few sessions; where a test or even further below $35,000 the corrections could continue.

Only the upward developments of the VWAP and upward developments of the Ichimoku Cloud for the Bitcoin price to change the direction of the trend in the short term.

Follow the buyers in attempts to return as Bitcoin price to above $39,000.

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

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nº357