Bitcoin Price Evolution Analysis 06.02.2021

by CSM TRADER                                                                                                                 

 nº366

BTC price U$ 37.320.  

USD/BRL price R$ 5.15.

Price EUR/BRL R$ 6.26.

Price Gold 1g R$ 315.39

Good morning to all readers.        

The Bitcoin price is still in an uptrend above the price area of $36,500 and $37,000 and above the 100 EMA (H1).

In past sessions the Bitcoin price has stayed between the U$35,700 and U$36,800 price areas in strong consolidations and making a good support base.

The Bitcoin price managed to break through the U$37,000 price area and is now continuing in attempts to break through the U$37,550 price area, where a test has already been made.

Buyers need to be careful not to form a Double Top pattern in this $37,770 and $37,500 price area.

Now at the time of writing the Bitcoin price is tracking in the U$37,237 price area.

The next major resistance for the Bitcoin price to overcome will be the U$37,500 and U$38,000 price area.

If the Bitcoin price does not make these advances above U$37,500 or even above U$38,220, negative corrections will appear and go below U$37,220 and U$37,000 where a stop above the U$36,500 price area will be mandatory, so as not to start putting the good support formed in the area of between U$36,700 and U$35,600 at risk of breaking.

Only with the continuations and with new consolidations above the EMA 20 and 5 in the short term, for the Bitcoin price to give its continuation of positive developments for the attempts of the breakout of the strong resistance of U$ 38,000, where the searches upwards to the price area of U$ 38,800 and U$ 39,420 may arise.

If the Bitcoin price were to fail to stay above the U$36,220 price area, negative corrections will continue downward to the U$36,000 and U$35,500 price areas, where possible tests downward to U$35,000 could emerge.

A daily close has been made above the $36,690 price area.

For today a good daily close would be above the $37,000 price area.

Buyers are in control of the situation and need to continue the positive moves above the $36,880 price area.

Buyers need to break out of the $38,000 price area and enter this price area with strength to make new support above $37,660.

If buyers fail with the positive breakthroughs and consolidations above $38,000, sellers could take control of the situation and create further downside below the $37,120 and $37,000 price areas, where they could extend the downside below $36,500.

Follow the buyers in their attempts at positive developments with the Bitcoin price above $37,500.

H4 chart:

Bitcoin price follows above the 20, 5 and 50 EMAs and is moving out of the Ichimoku Cloud, however it still follows below the 100 and 200 EMAs.

The price of Bitcoin needs to continue its positive developments upwards from the $37,500 price area, where it has already tested this price area and seems to have difficulty breaking through.

If the Bitcoin price fails in the next few sessions to break through the $37,500 and $38,000 price levels, negative corrections will appear, and with that it could go below $37,340 and $37,120, where, the possibilities of negative corrections below $36,500 could re-emerge. 

If Bitcoin's price moves above $38,000, it will have to make new consolidations above $37,800 so that it can make a good strong positive move above the big resistance of $38,880 and can continue the positive moves above $39,000 and $39,320.

The buyers continue with the attempts of positive moves above the breakout of the $37,500 resistance.

The chart in H4 will follow the whole week in order to have a parameter of Bitcoin's price evolution. Only some adjustments will be made.

Resistances: U$ 37,540 // U$ 37,948 // U$ 38,341 // U$ 38,725.

Supports: U$ 37,140 // U$ 36,746 // U$ 36,373 // U$ 35,848.

https://www.tradingview.com/x/dej2cNw8/

H1 chart:

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

Bitcoin price follows in consolidations above the $37,220 price area, where it is in the attempts of the positive advances above the resistance in the $37,550 price area.

If the Bitcoin price manages to break through the $37,500 price area, the positive developments could proceed to attempts at positive advancements above $38,000.

If the Bitcoin price were to fail in these advances above $37,500 or $38,220 negative corrections could reappear below $37,220 and $36,880.

Buyers remain in control of the situation and need to continue the positive moves above $37,550 and $38,000.

If buyers fail, sellers will take control of the situation again, and with that, they will create the downside down to $37,220 and $36,800.

Follow the buyers in the attempts of the positive developments above U$37,550 for the next session, if they fail a possible double top could be on the way, then you know right ....

Resistances: U$ 37,473 // U$ 37,754 // U$ 38,065 // U$ 38,324.

Brackets: U$ 37.220 // U$ 37.036 // U$ 36.823 // U$ 36.611.

https://www.tradingview.com/x/l4Q4NXZN/

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Nº 366