Bitcoin Price Evolution Analysis 06.01.2021

by CSM TRADER                                                                                                                

 nº365

 BTC price U$ 36.180.  

Price USD/BRL R$ 5.21.

Price EUR/BRL R$ 6.38.

Price Gold 1g R$ 320.26.

Good morning to all readers.

The Bitcoin price is still in an uptrend above the $35,894 price area, but still below the 100 EMA (H1).

The Bitcoin price in past sessions has managed its positive moves upwards from the $37,000 and $37,500 price area, but has failed to continue the positive moves upwards from the $38,000 price area, where it even tested the $37,894 price area, and has entered negative corrections downwards from the $37,000 and $36,500 price areas, where it even tested the $35,894 price area.

The Bitcoin price for now at the time of writing, has made a bigger bottom than its previous one, in the $35,895 price area, where the previous one was in the $34,149 price area, this may come to show us that, the buying force is bigger than the selling one; for now; where the probabilities of advances upwards of the $37,000 and $37,500 could arise and still go above the $38,000.

Now at the time of writing, after the negative corrections the Bitcoin price is still in the U$36,230 price area.

The Bitcoin price needs a recovery above the EMA 100 (H1) or even above $36,500, to continue its positive developments and return to attempts to break the strong resistance of $38,000, where, if this break happens, the possibilities of positive developments above $39,320 could occur.

If the Bitcoin price fails again in the attempts of positive evolutions upwards from the price areas of U$37,000, U$37,500 or even above U$38,120, the negative corrections could arise again and with that, the possibilities of negative corrections back downwards from the U$37,000 price areas could arise.

If this happens in the case mentioned above, the Bitcoin price will have to stay above the last bottom formed in the $35,894 price area, because below this, negative corrections could go lower than the $35,500 and $35,000 price areas, where a test or even, the continuations of negative corrections down to the $34,660 could arise.

The daily close was above the $37,100 price area.

For today, a daily close above the $37,780 price area would be important.

The Monthly close was above the $37,100 price area.

Buyers continue to attempt to regain control of the situation above the $36,780 price area.

It will be of extreme importance for buyers to regain control of the situation so that they do not risk a return of negative corrections from sellers below the $36,000 and $35,500 price areas.

Buyers need to continue the positive moves above $36,500 and $37,000 for the next few sessions where they will attempt the breakout of the $38,000 price area.

If buyers fail in these positive moves above $36,500 or even above $37,420, sellers will take control of the situation where they will create the downside below $37,000 and $36,320.

Only a good advance and with consolidations above the EMA 100 (H1) and the EMA 20 (H1) for the buyers to continue with the attempts of the breakout of the U$38,000, and still, evolve the Bitcoin price for the attempts of the breakout above the U$39,000.

Follow the buyers in attempts to keep the Bitcoin price above the EMA 50 and 100 (H1) or even above the U$36,400 price area.

H4 chart:

Bitcoin price follows above the EMAs 5 (green line) and 20 (yellow line), however, it follows below the EMAs 50 (gray line), 100 line (white) and 200 (pink line) entering the Ichimoku Cloud.

It will be important that the Bitcoin price gets the necessary breakthroughs above the EMA 50 for the next few sessions for the attempts to break out above the Ichimoku Cloud.

If the Bitcoin price achieves these positive advances in the case mentioned above, the positive developments could follow up above the $37,000 and $38,550 price areas, where the possibilities of the positive advances above $38,220 could arise.

If the Bitcoin price fails to make these positive moves above the Ichimoku Cloud, negative corrections could return below $36,700 and $36,220.

Follow the buyers as they attempt positive moves above the EMA 50 or above the $37,220 price area.

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$ 37,249 // U$ 37,949 // U$ 38,596 // U$ 39,296.

Supports: U$ 36,351 // U$ 35,632 // U$ 34,932 // U$ 34,159.

https://www.tradingview.com/x/DLCPi3aj/

H1 chart:

Bitcoin price follows slightly above the 50 and 10 EMAs, where it tested the 5 and 20 EMAs, however it still follows below the 5, 20 and 200 EMAs.

The Bitcoin price needs the advances and stabilities with consolidations above the 5 and 20 EMAs for the coming sessions.

In the case mentioned above, if the Bitcoin price achieves these positive advances above the EMAs 5 and 20, the positive developments will happen above the $36,500 and $36,780 price areas, which will be of utmost importance for the continued climb above the $37,320 and $37,880; attempts to break through the $38,000 could emerge.

If Bitcoin's price fails to provide its continuation of positive developments upwards from U$36,500 and U$37,000, negative corrections could vote with strength downwards from U$36,500 and U$36,000.

Buyers continue with good positive moves above the 50 and 100 EMAs, where they need to continue positive moves above the 5 and 20 EMAs, to begin to move out of a risk area of possible negative corrections below the EMAs.

If buyers fail in the short term to keep the Bitcoin price above the EMAs 50 and 100, sellers will take advantage and continue to create the downside below the price areas of $36,220 and $35,880, even as sellers still remain in control of the situation with the Bitcoin price staying below the BB center line (red line), $36,820.

Follow the buyers in the attempts of the positive developments and still to keep the Bitcoin price above the U$ 36,320 price area.

Resistances: U$ 36.666 // U$ 37.011 // U$ 37.344 // U$ 37.732.

Supports: U$35,934 // U$35,515 // U$35,030 // U$34,664.

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

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Nº 365