Bitcoin Price Evolution Analysis 06.05.2021
by CSM TRADER
BTC price U$ 57.330.
BTC price at Braziliex R$ 311.500.
USD/BRL price R$ 5.35.
Price EUR/BRL R$ 6.44.
Price Gold 1g R$ 309.04.
Good morning to all readers.
Bitcoin price is still in an uptrend above the $55,000 price area and well above the 100 EMA (H1).
Bitcoin price in the past sessions managed the breakout in the price area of U$55,550 and U$56,500 and went above U$57,500.
The Bitcoin price followed in strong consolidations between the U$56,666 and U$57,600 price areas, that is over 18h of consolidations.
Now at the time of writing the Bitcoin price has managed to make the U$58,000 breakout.
It will be necessary for the Bitcoin price to continue its positive advances above the U$58,500 resistance in order to continue its positive developments above U$59,000, where the odds of advances above U$60,000 already appear to be closer.
The Bitcoin price needs the breakout of the first top which lies in the $58,460 price area, to then proceed in attempts to break out of the second top in the $58,970 price area; and of course to stabilize above these price areas for further consolidations.
In the case mentioned above, the Bitcoin price needs this breakout of the second top and still stay above the same to proceed with further consolidations above U$ 59,000 and U$ 59,220, so that the attempts of positive advancements above U$ 60,000 can materialize.
Of utmost importance that the Bitcoin price remains above the 20 and 100 EMA (H1).
If the Bitcoin price fails to move above $58,500 and $59,000, negative corrections could result, and with it, back below the $57,666 and $57,220 price areas where a stop above $56,780 would be very important in order not to continue the positive moves below $55,500 and $54,880.
A daily close was made in the price area of $57,426.
For today a good daily close would be above the $56,660 price area.
Buyers remain in total control of the situation with the Bitcoin price above the $55,000 price area.
Buyers have done a good job of consolidations with the Bitcoin price above the $56,000 price area.
Buyers now need to continue the consolidations and positive moves above the $57,880 and $58,000 price area in order to attempt the positive moves above the strong resistance in the $58,500 and $58,880 price area.
It will be necessary for buyers to keep the Bitcoin price above the $57,500 price area for the next few sessions, so that sellers don't start creating the downside below $57,000, where they can continue the downside below $56,500 and $56,000.
It follows the buyers in the attempt to give the continuity of the positive evolutions above the U$ 58,220 and U$ 58,460.
Bitcoin TODAY at Braziliex: H1
The Bitcoin price at Braziliex today, continues in an uptrend above the R$300,000 price area.
The price of Bitcoin on Braziliex, after a few sessions of consolidations between the price areas of R$ 304,000 and R$ 308,500, positive evolutions have started to appear above the price areas of R$ 310,000, but still these evolutions continue with great difficulties to proceed above the important resistance of R$ 312,500.
It will be extremely important that for the next few sessions the price of Bitcoin on Braziliex manages to break the resistance of R$312,500, so that new consolidations can be made above it, and with that, the possibilities of positive advances above R$314,000 and R$315,660 can emerge, and even continue above R$318,000.
On the other hand, if the price of Bitcoin on Braziliex fails again with the positive advancements above the R$ 314,500, the possibilities of the negative corrections back below the R$ 304,500 and R$ 302,000 could arise.
Follow the buyers on Braziliex in an attempt to evolve the Bitcoin price above the R$ 310,000 and R$ 312,320; where it will be of utmost importance to protect the R$ 300,000 price area from the sellers.
Resistances: R$319,990 // R$315,000 // R$316,977 // R$318,549.
Supports: R$ 308,036 // R$ 306,060 // R$ 304,398 // R$ 302,645.
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
Bitcoin price needs to hold above the price areas of $57,500 and $57,220 for the next few sessions.
It will be necessary for the Bitcoin price to continue its consolidation above $57,900 so that attempts to break through the strong resistance at $58,500 can be made.
If the Bitcoin price fails to break above $58,500, negative corrections could emerge and go below the $58,000, $57,600 price areas and could still extend below $56,800.
Buyers need to continue the positive developments upwards from the price areas of $58,340 and $58,500, where sellers are very strong in these price areas.
Only a good, consolidated buyers' advance above $58,600 for the next attempts to break through the top of $58,800, and with that could pave the way above $59,000 and $59,260, and the possibilities of seeking the $60,000 could arise.
If buyers fail to advance above $58,500 or $59,000 sellers will take control of the situation where they can begin to create major downside in the $58,000, $57,000, $56,000, and $55,000 price areas.
Follow the buyers in their attempts to evolve Bitcoin's price above $58,220.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.
Resistances: U$ 58,393 // U$ 59,398 // U$ 60,302 // U$ 61,131.
Supports: U$ 57,036 // U$ 55,931 // U$ 54,825 // U$ 53,343.
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
The Bitcoin price needs to continue consolidations and positive advances above the EMA 20.
It will be of utmost importance that the Bitcoin price manages to strengthen above the $59,000 price area and continue its attempts to break through the $58,360 and $58,500 price area, so that with these developments above these price areas it will pave the way for the next step which will be to break through the strong resistance of $58,800 and $59,000.
If the Bitcoin price achieves these advances above $59,000 the possibilities of continued positive advances for testing at $60,000 could arise.
If the Bitcoin price fails these positive developments upwards of U$58,500 or U$59,000 the negative corrections will move back downwards from the U$58,000 and U$57,220 price areas.
If buyers achieve the necessary positive advances above $59,000, they will have to keep the Bitcoin price above $58,880 in consolidations in order to proceed to attempts to break through $59,500 and sequence further consolidations above $59,550.
If buyers fail for the next few sessions to break above $58,550, sellers could take control of the situation and begin to create the downside below $58,000 and $57,500.
Follow the buyers with the Bitcoin price above the upper BB line and in the attempts of the positive developments above U$ 58,220, in the short term.
Resistances: U$ 58,119 // U$ 58,389 // U$ 58,776 // U$ 59,250.
Supports: U$ 57,619 // U$ 57,272 // U$ 56,940 // U$ 56,601.
Technical indicators: H4
RSI: The RSI on the H1 chart timeframe for BTC is at the 92 level and with bullish bias.
MACD: The MACD on BTC's H1 chart time is at the positive level 330 and with a bullish bias.
OBV: The OBV on BTC's H1 chart time is at the 2.07 level and stabilized.
Bitcoin price is above the VWAP and above the Ichimoku Cloud, but below the BB centerline.
It will be necessary for the Bitcoin price to stay above the Ichimoku Cloud in order not to enter a downward correction below the $57,500 price area.
Buyers are finding it difficult to continue positive developments above $57,900.
Follow the buyers in an attempt to keep Bitcoin's price above $57,500 in the short term.
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