Bitcoin Price Evolution Analysis 05.21.2021

by CSM TRADER                                                                                                                

 nº359

 BTC price U$ 40.830.  

BTC price at Braziliex R$ 218.000.

USD/BRL price R$ 5.28.

Price EUR/BRL R$ 6.46.

Price Gold 1g R$ 319.82.

Good morning to all readers.

Bitcoin price is still in a downtrend below the $42,000 price area and below the 100 EMA (H1).

The Bitcoin price in the past sessions made some minor developments above the $38,000 price area and broke out above the Ichimoku Cloud, as I had written in my analysis yesterday.

The Bitcoin price made the necessary evolutions to get above the $40,000 price area.

Now at the time of writing, the Bitcoin price remains in the $41,073 price area.

The Bitcoin price follows in strong consolidations between the U$39,200 and U$41,700 price areas, where it is in the attempt of the positive developments upwards to the U$42,000 price area, where a test has already been made at U$42,453; and it still needs to overcome and stay supported above the EMA 100 (H1) for the possible continuities of the positive developments upwards to U$42,500 and U$43,120.

If the Bitcoin price were to fail in these positive advances above the EMA 100 (H1) and the strong resistance of $42,500 and $43,120, the negative corrections could emerge again and go below $39,500 and $38,660, where the possibilities of a return below $37,000 could happen.

Only with good advances above the EMA 100 (H1) and with stabilities and consolidations above it, to break the resistance of U$42,500 and continue with positive evolutions above U$43,000 and U$44,000 for the next sessions.

A daily close was made above the $40,469 price area.

For today a daily close above the $42,000 price area would be important, as below this price area the negative corrections could happen again.

Buyers remain in control of the situation and are in consolidations with the Bitcoin price above the $39,000 price area.

Buyers need to keep the Bitcoin price above the U$39,500 and U$38,780 price areas for the next few sessions so they don't have any major problems with sellers below the U$38,500 price area.

Buyers now at the time of writing, continue with the price of Bitcoin in attempts of positive evolutions above the U$ 42,000 and towards the EMA 100 (H1), which will be of extreme importance that they succeed and still have to keep the price of Bitcoin above it so that new consolidations are made above it, and with that the possibilities of the positive advances above the U$ 42,500 and U$ 42,880 can arise.

If buyers fail in these positive developments above $42,000 and $42,500, sellers will take advantage of the situation and will take control of the situation, where they can continue the downside below $40,000, $39,500 and even extend the downside below $38,360.

Remembering that; lower tops are being made relative to previous tops; this could mean an exhaustion of buyers, and 2 attempts have already been made to break the 100 EMA (H1).

A test of the bottom formed at $29,999 could still occur, to validate a bullish pattern; if a double bottom is formed in these price areas.

Follow the buyers in the attempts of positive developments below $42,000.

Bitcoin TODAY in Braziliex: H1

The price of Bitcoin today at Braziliex follows in a downtrend below the price area of $230,000.

The Bitcoin price on Braziliex is not getting the positive moves needed for positive developments above the R$230,00 and R$232,500 and maintain a stability with further consolidations above these price areas.

It will be extremely important for the Bitcoin price to achieve these positive advances above the R$230,500 and R$232,500 for the next few sessions to get out of a risk area of further downside to below the R$216,220 and R$208,780 where the possibilities of advances below the R$204,380 could occur.

Sellers on Braziliex remain in control of the situation with the Bitcoin price staying below the R$238,660 price area.

Buyers will have to move above the R$230,000 price areas for the next few sessions to not have further disadvantages created by sellers down below R$214,600 for the next few sessions.

It follows the buyers in an attempt to evolve the price of Bitcoin on Braziliex above the R$222,00 and R$224,600 price areas, and they still need to try to bar the sellers above the R$212,220 price area.

Resistances: R$ 223,245 // R$ 227,883 // R$ 231,210 // R$ 235,546. 

Supports: R$ 214,978 // R$ 210,340 // R$ 206,106 // R$ 201,267.

https://www.tradingview.com/x/qlR5HJKh

H4 chart:

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

It will be important for the Bitcoin price to make positive moves above the EMA 20 so that further consolidations and positive moves above $42,000 can emerge, and follow up on the breakout of the $42,500 resistance.

If the Bitcoin price fails to make these positive moves above $42,000 and the EMA 20 the negative corrections could emerge and go below $40,320 and $40,000.

Buyers are attempting to regain control of the situation above the BB centerline and above the EMA 20, which would be of extreme importance to buyers in the short term, in order to get out of a risk area of downside created by sellers to below $40,000.

Follow the buyers in their attempts to evolve the Bitcoin price above $42,000 and the EMA 20.

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$ 41,235 // U$ 42,740 // U$ 44,246 // U$ 45,635.

Supports: U$ 39,112 // U$ 37,530 // U$ 35,754 // U$ 33,940.

https://www.tradingview.com/x/9Z8Jrf5W/

 H1 chart:

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

The Bitcoin price will have to break out above the triangle or even above the LTB to continue its positive moves above $42,000 and $42,500.

If the Bitcoin price breaks out below the triangle or even below the LTB, negative corrections could follow below the U$40,000 and U$39,500 price areas.

Only a good advance above U$42,000 and U$42,780 for the Bitcoin price to enter further consolidations and with that the probabilities of positive advances above U$43,220 could arise and test above the U$44,000 price area will appear.

Follow the buyers with the strong consolidations above U$40.00.

Resistances: U$ 40.925 // U$ 41.291 // U$ 41.815 // U$ 42.254.

Supports: U$ 40.224 // U$ 39.774 // U$ 39.282 // U$ 38.664.

https://www.tradingview.com/x/xjz140kW/

Technical indicators: H4

RSI: The RSI on BTC's H1 chart timeframe is at the 90 level and with a bullish bias.

https://www.tradingview.com/x/3FLhi53u/

MACD: The MACD on BTC's chart time is at the negative -1490 level and with a bullish bias.

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

OBV: The OBV on BTC's H1 chart time is at the 1.93 level and with a bullish bias.

https://www.tradingview.com/x/O9bOQ30y/

M5 chart:

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

Bitcoin price needs to make its continued breakout attempts into the $42,000 and $42,360 price area to avoid having the turns of the negative corrections down to the $40,000 and $39,000.

Only a good, solid advance above $42,220 will prevent the Bitcoin price from experiencing negative corrections below $40,000.

Buyers have great difficulties with advances above $41,500.

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

Dominance   45.21%

"Logic can take you from point A to point B. Imagination can lead anywhere. " ------ Albert Einstein.

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nº359