Bitcoin Price Evolution Analysis 05.31.2021

by CSM TRADER                                                                                                                

 nº364

 BTC price U$ 36.810.  

USD/BRL price R$ 5.22.

Price EUR/BRL R$ 6.36.

Price Gold 1g R$ 318.35.

Good morning to all readers.

Bitcoin price is still in an uptrend above the $35,500 price area and the 100 EMA (H1).

The Bitcoin price this weekend 5/29 and 5/30/2021 attempted the positive advances above the U$37,000 price area, but without success.

In the case mentioned above, the Bitcoin price not achieving the necessary advances above the U$ 37,000 went into negative corrections down the price area of U$ 36,000, U$ 35,000, U$ 34,000 and even testing the price area of U$ 33,352, where it returned for another attempt to break through the U$ 37. 000, but this time failed to make the positive advances to above the $36,360 or even above the 100 EMA (H1) and with that returned with the negative corrections to below the $35,000 and coming to make a higher bottom than its previous in the $34,141 price area, where the previous was at the $33,352.

Now at the time of writing, the Bitcoin price is again attempting the breakout of resistance at the U$37,000 price area, where it trails at the U$36,920 price area.

It will be of utmost importance that the Bitcoin price of its continuing positive developments above U$37,000 or even above the 200 EMA (H1) and U$37,380 so that with this, new consolidations are made above U$37,000 and the possibilities of positive advances above U$38,120 can arise.

If the Bitcoin price comes to fail for the next few sessions in these advances to positives above U$37,000 and U$37,380 the negative corrections could emerge, and with that, back below U$35,500 and U$35,000, where the Bitcoin price will have to stay above its last bottom formed in the U$34,141 price area, because below it the negative corrections could be much larger to below U$34,000 and U$33,500.

A daily close has been made above the $35,500 price area.

For today and to continue the positive developments, a daily close above $37,000 would be very important, if not, above $36,240 would be good.

A monthly close above $37,000 would be very important.

Buyers remain in control of the situation above the $35,500 price area.

Buyers need to continue the positive moves above the $37,000 and $37,500 price area for the next few sessions.

If buyers fail to make these positive moves, sellers will take control of the situation, where they can create downside pressures back down to the $36,500, $35,500 and $35,000 price levels.

Only a good positive advance of buyers above the 200 EMA (H1) and with the stabilities with the Bitcoin price above it to be able to continue the positive developments for the attempts to break through the $38,000.

Buyers continue with strong consolidations above the $36,880 price area for the attempted break of $37,000.

H4 Chart:

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

It will be very important for the Bitcoin price to continue its positive developments above the Ichimoku Cloud so that the positive developments continue above the $37,500 and $37,880 price areas and stabilize above the 50 EMA.

If the Bitcoin price fails to stay above EMA 50 or even above U$37,360 the negative corrections could vote and go below U$36,500 and U$36,000.

Follow the buyers with the Bitcoin price already above $37,000, and now they need to keep the price above $36,780 to not lose these positive developments taped so far above $36,500.

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$ 37,372 // U$ 37,951 // U$ 38,530 // U$ 39,195.

Supports: U$ 36,471 // U$ 35,763 // U$ 35,055 // U$ 34,283.

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

H1 chart:

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

Just now a test has been made at the EMA 200 (pink line) and the $37,208 price area.

It will be of utmost importance that the Bitcoin price manages to go above the EMA 200 and stabilizes above it to give the condition for positive developments to continue above the price areas of $37,360 and $37,500, where the possibilities of attempts to continue above $38,000 could arise.

If the Bitcoin price already fails in these attempts of positive evolutions above the 200 EMA or even above the $37,360, negative corrections will appear and could go towards the price areas of $36,500, $36,120 and below $35,880.

It follows buyers in the fight with sellers to be able to advance above the 200 EMA.

Resistances: U$ 37.268 // U$ 37.982 // U$ 38.472 // U$ 39.052.

Supports: U$ 36.621 // U$ 35.886 // U$ 35.417 // U$ 34.949.

https://www.tradingview.com/x/J9oCl61e/

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Nº364