Bitcoin Price Evolution Analysis 06.04.2021

by CSM TRADER                                                                                                                

 nº327

 BTC price U$ 58.564.  

BTC price at Braziliex R$ 334.999.

USD/BRL price R$ 5.66. 

Price EUR/BRL R$ 6.69.

Price Gold 1g R$ 314.64.

Good morning to all readers.

Bitcoin price is still in an uptrend above the $57,500 price area and above the 100 EMA (H1).

The Bitcoin price a few sessions ago managed a good advance above the $59,000 price area, but failed to continue positive developments above the $59,500 resistance.

In the case mentioned above, the Bitcoin price after having failed in positive evolutions upwards from the $59,500, entered negative corrections downwards from the $59,000 price area where it even tested the $58,299 price area where it remains supported above the 100 EMA (H1).

Now at the time of writing, the Bitcoin price remains in the U$58,520 price area.

It will be of utmost importance that the Bitcoin price remains supported above the EMA 100 (H10) or the EMA 20 (H4), to not have the continuation of negative corrections below U$ 58,000.

If the price of Bitcoin were to correct below $58,000, it would be of utmost importance to stop above the strong support formed in the $57,500 price area, as below it, negative corrections could continue below $57,000.

On the other hand, if the Bitcoin price continues its positive developments above $59,000 and manages to overcome the resistance of $59,500, the positive developments will appear, and with it, the advances above $60,000 will emerge, where they should remain above $60,220 for new consolidations and the continuation of positive developments above $60,660 could happen.

The Bitcoin price has been maintaining consolidations above the $58,220 price area, where the possibilities of advances above $59,000 and $59,500 are very likely for the coming sessions.

Remembering that the Bitcoin price should remain above the 200 EMA (H1), not to invalidate all these advances made so far above $57,500.

A good daily close was made above the price area of $59,130.

For today a good close would be above the $59,500 price area.

Buyers remain in control of the situation and want to push the price of Bitcoin above the $59,000 price area in the near term.

It will be of utmost importance that the buyers do not fail this time with their developments with the price of Bitcoin above the $59,500 price area.

If buyers fail again with the evolutions above $59,500 the disadvantages created by the sellers will emerge, and with that, they may extend below $58,500 and $58,360.

In the case mentioned above, buyers will have to at all costs stop sellers above $58,000 to avoid further losses below $57,760.

Buyers will continue to try for positive developments above $58,660.

Bitcoin TODAY at Braziliex: H1

The Bitcoin price today at Braziliex follows in an uptrend above the R$ 330,000 price area.

The Bitcoin price at Braziliex a few sessions ago, returned with its positive developments above the R$ 330,000 where it even tested the R$ 337,896 price area.

Now at the time of writing, after a small downside correction that tested the R$ 330,000 price area; the Bitcoin price on Braziliex follows in the R$ 337,147 price area.

Important for the Bitcoin price on Braziliex to stay above the R$ 330,000 price area for the next few sessions.

If the Bitcoin price on Braziliex fails to continue its positive developments above the R$ 338,600 and R$ 342,000 price areas, negative corrections may appear, and with that, extend below the R$ 334,000, R$ 332,200 and may go on to test the R$ 328,5000 and R$ 327,600 price area.

Only a good and consolidated advance above the R$ 342,000 price area where the Bitcoin price on Braziliex should still make the new consolidations above the R$ 340,000 to not lose this possible advance above the R$ 342,000.

Buyers on Braziliex remain in control of the situation, but will have to continue upwards from the strong resistance at R$340,000 to be able to stay and make new consolidations above R$342,000.

If buyers fail with these developments above the R$340,000 for the next few sessions; sellers on the Braziliex will take advantage and take control of the situation where they can create the downside below the R$336,000 and R$332,500 and still go for a price area below the R$330,000.

Only a good, consolidated advance above R$340,500 for buyers to get out of a risk area of further downside.

Follow the buyers on Braziliex in an attempt to evolve the Bitcoin price above the R$ 336,000 price area, again.

Resistances: R$ 333,976 // R$ 337,174 // R$ 339,684 // R$ 341,849. 

Supports: R$ 330,826 // R$ 329,055 // R$ 326,443 // R$ 324,281.

https://www.tradingview.com/x/IfuQ8wLL

H4 chart:

Bitcoin price follows above the EMAs and above the Ichimoku Cloud, but is slightly below the VWAP.

It will be important for the Bitcoin price, continued consolidations and advances above the Ichimoku Cloud and the 20 EMA.

The price of Bitcoin needs to continue positive moves above the $59,000 price area for the breakout attempts at the $59,500 price area to return.

If the Bitcoin price fails to provide its continuation of positive evolutions upwards from the $59,500 price area, negative corrections could emerge again and extend below $59,000 and $58,600.

Buyers are in the attempt to evolve the Bitcoin price above U$59,000, but they will have to keep the Bitcoin price above the Ichimoku Cloud and above U$58,000.

If the buyers fail to protect the U$58,220 price area, the sellers will gain more strength, and with that, the downside could be further down below U$57,780.

Only a good, consolidated move by buyers above $59,220 will take them out of a risk area of future losses for sellers.

Buyers continue to try to keep the Bitcoin price above the $58,220 price area.

The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.

Resistances: U$ 58,759 // U$ 59,023 // U$ 59,459 // U$ 59,935.

Supports: U$ 58.264 // U$ 57.774 // U$ 57.253 // U$ 56.624.

https://www.tradingview.com/x/DLYusZ6q/

H1 Chart:

Bitcoin price continues in the "fight" to stay above the 200, 100 and 50 EMAs and follows above the Ichimoku Cloud, however it still follows below the 20 and 5 EMAs and is below the BB centerline.

The Bitcoin price needs to stay above the $58,220 and $58,000 price areas in order not to have the negative corrections below $57,780.

It will be of extreme importance for the Bitcoin price of a good advance above $59,000 for the next few sessions.

At the moment the sellers remain in control of the situation as the Bitcoin price remains below the BB centerline, but the buyers still have the strength to keep the Bitcoin price above the EMA 100, which will be of extreme importance for them to continue positive developments above $59,000 and with that, the turns of attempts to break the $59,500 resistance could occur.

If buyers fail to keep Bitcoin's price above the 100 EMA, sellers will gain strength below it, and with that, they could create the downside downwards from $58,000 and $57,780.

Only a good advance by buyers above $59,000 to get out of a risk area of possible losses below $58,120 and below the EMA 50 and 100 in the short term.

Follow the buyers in an attempt to evolve the Bitcoin price above U$ 58,500, and most importantly keep the Bitcoin price above the EMA 100, for the next session.

Resistances: U$ 58.590 // U$ 58.909 // U$ 59.199 // U$ 59.533.

Supports: U$ 58,292 // U$ 58,024 // U$ 57,623 // U$ 57,233.

https://www.tradingview.com/x/qJzENz63/

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 70 level and with a bearish bias.

https://www.tradingview.com/x/85JTk5q0/

MACD: The MACD on BTC's chart time is at the positive 86 level and with small bullish bias.

https://www.tradingview.com/x/Mn1rtHyo/

OBV: The OBV on BTC's H1 chart time is at the level and with a bias of 2.16 and with a bearish bias.

https://www.tradingview.com/x/1PDfeCrH/

M5 chart:

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

Bitcoin price needs to come back with its consolidations and positive moves above the VWAP or even above $58,800.

Buyers remain in control of the situation where they are looking for the $59,000 price area and with that a nice breakout above $59,500 could occur.

The possibilities of an advance above $60,000 are still there.

Follow the buyers in an attempt to evolve the Bitcoin price above VWAP at this time of writing.

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

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nº327