Bitcoin Price Evolution Analysis 06.07.2021

by CSM TRADER                                                                                                                

 nº368

BTC price U$ 36.512.  

USD/BRL price R$ 5.04.

Price EUR/BRL R$ 6.13.

Price Gold 1g BRL 308.34.

Good morning to all readers.

Bitcoin price is still in an uptrend above the $35,500 price area.

The price of Bitcoin a few sessions ago followed consolidations between the price areas of $35,500 and $36,400.

The Bitcoin price managed the necessary positive moves upwards from the $36,500 price areas and even tested the $36,820 price area, but failed to continue the positive moves upwards to $37,000, and with that came the negative corrections downwards from $36,000 where it tested the $35,842 price area.

It will be necessary for the Bitcoin price to continue the positive developments above the last bottom formed in the $35,842 price area.

At the time of writing, the Bitcoin price is now above the 50 EMA (H1) and is in the $36,410 price area.

Bitcoin price is finding the difficulties of staying supported above the 100 EMA (H1), which will be of extreme importance for the upcoming sessions.

In the case mentioned above, if the Bitcoin price manages these positive advances above the EMA 100 (H1) or even above U$36,660, it will invalidate a possible double top pattern.

On the other hand, if the Bitcoin price were to fail in these attempts at the positive moves above the EMA 100 (H1) or even above the U$36,600 and U$36,880, the double top will form and with that, the downside corrections could follow below the U$36,220 and U$35,680 price areas.

The Bitcoin price still has support at the EMA 5 and the upper line of the Ichimoku Cloud, which could hold off small downward corrections for a few sessions, but if the double top pattern forms the correction could be much larger and go below the Ichimoku Cloud and thus break the EMA 5, 50 and 20 (H1).

Only a good advance in the Bitcoin price above the 100 EMA (H1) and with continued consolidations above it for the Bitcoin price to achieve the necessary positive advances above the $37,000 price area.

A daily close was made above the $35,801 price area.

For today a daily close above the $37,120 price area would be of utmost importance, if it closes above $36,500 it will still be a good size.

Buyers remain in control of the situation and need to continue the positive moves above the $35,500 and $36,780 price areas for the return of the breakout attempts at the $37,000 price area.

If buyers fail in these attempts of the positive breakthroughs upwards of $36,800 and $37,000, sellers will get into control of the situation and thereby create the downside downwards of $36,220 and $35,780.

The possibilities of testing in the price area of $35,500 could arise, and buyers will have to defend this price area at any cost, where they should keep the Bitcoin price above this price area, because below this price area sellers will gain more strength and give the downside continuities below the $35,000.

Follow the buyers in an attempt to get back with the Bitcoin price above the $36,500 price area.

H1 chart:

Bitcoin price is tracking above the 20 and 50 EMAs, however it is below the 200 and 100 EMAs and starting to fall below the 5 EMA and entering the Ichimoku Cloud.

The Bitcoin price looks like it will confirm the double top, where I wrote earlier that it could happen.

If the Bitcoin price follows below the $36,000 and $50 EMA the downside corrections could follow below the $36,200 and $36,000 price areas where the continuations of the downside corrections could extend below $35,500.

Only a move back above the EMA 100 for the Bitcoin price to get back to its positive developments and attempts at the $37,000 breakout.

Bitcoin price will have to stay above the $35,200 price area in order not to have the negative corrections continue below $34,880.

Follow the buyers in attempts to bar sellers above the EMA 50 or even above U$36,280.

Resistances: U$ 36,450 // U$ 36,597 // U$ 36,833 // U$ 37,108.

Supports: U$ 36.175 // U$ 35.956 // U$ 36.767 // U$ 35.575.

https://www.tradingview.com/x/y2JFn1Cx/

Dominance 41.57

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Nº 368