Bitcoin Price Evolution Analysis 06.08.2021

by CSM TRADER                                                                                                                 

 nº369

BTC price U$ 32.750.  

Price USD/BRL R$ 5.04.

Price EUR/BRL R$ 6.14.

Price Gold 1g R$ 307.31.

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$34,500 price area and below the EMA 50 (H1).

Bitcoin price in the past sessions formed the Double Top pattern, as I had written in My Analysis yesterday, which could come to pass.

Bitcoin price for 2 times tried to break through the $36,820 price area, and failed, and formed the Double Top Pattern.

As the market does not forgive Double Tops, came the strong corrections, where the Bitcoin price corrected negatively downwards from the U$36,000, U$35,000, U$34,000, U$33,000 and U$32,500 price areas, and even testing the U$31,999 price area.

Now at the time of writing, the Bitcoin price is still in the $32,784 price area, and the possibilities of continued downside corrections could still continue below $32,000 and $31,500, and go for the bottom formed in the $31,096 price area, where the next bottom formed is in the $28,686 price area.

The Bitcoin price needs to continue its consolidations above the U$32,120 price area in order for it to strengthen and thereby be able to stay supported above the 5 (H1) EMA and go for further positive developments and further consolidations above the 20 (H1) EMA.

If the Bitcoin price fails in the coming sessions to stay supported above the EMA 20 (H1), the downside corrections will continue below $32,220 and $32,000.

The Bitcoin price will find plenty of resistance above $34,000, which was once good support.

Only a good, consolidated advance above the U$33,500 and U$34,150 price areas will take the Bitcoin price out of a risk area of further downside corrections below U$32,600.

A daily close was made below the $33,600 price area.

For today a good daily close would be above the $33,220 price area.

Sellers remain in control of the situation after buyers have failed to attempt positive moves above $36,820.

Now at the time of writing, sellers continue to hold the Bitcoin price in the $32,780 price area and continue to make it difficult for buyers to try to take the Bitcoin price above the EMA 5 (H1) or even above the $32,900 price area.

Buyers need to at least take the Bitcoin price above the EMA 5 (H1), and stay in consolidations with the Bitcoin price for a few sessions above it, for the attempts of positive advances above the EMA 20 (H1), and thus try to scale back above the $34,150 and $34,380.

If buyers can't even make positive moves above the EMA 5 (H1) in the short term, sellers will continue the downside downward climb to the $32,500 and $32,000 price areas, where a search for the $31,500 and $30,880 price areas could emerge.

Only a good, consolidated, strong move by buyers above the EMA 20 (H1) will begin to attempt to reverse the further disadvantage created by sellers below $33,000.

Buyers continue to try to keep the Bitcoin price above the $32,500 price area.

H4 chart:

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

It will be necessary for the Bitcoin price to move positively above the EMA 5 for the possible attempts to continue the positive advances above $34,320 and $34,500.

If the Bitcoin price continues below the EMA 5 the negative corrections will continue and could follow even lower than the U$32,220 and U$32,000 for the next few sessions.

Buyers will have to try to hold sellers above the $32,120 price area to try to build a good, strong base of support to get back to attempting positive advances above the $33,000, $33,220, and $33,780 price areas.

If buyers fail to stop sellers above the $32,220 price area, sellers will continue the downside and go for the $31,999 and $31,780 price areas.

Only a good, consolidated upside move by buyers above $33,220 will begin to attempt to break out of a risk area of further downside created by sellers below $33,000.

Buyers continue their attempts to continue to build support above $32,360.

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$ 33,247 // U$ 33,737 // U$ 34,107 // U$ 34,454.

Supports: U$ 32,649 // U$ 32,327 // U$ 31,849 // U$ 31,274.

https://www.tradingview.com/x/o9mkn9Y0/

H1 chart:

The Bitcoin price follows a little above the EMA 5, but follows below the EMAs 20, 50, 100 and 200.

The Bitcoin price needs this continuation of positive moves above the EMA 5 and stay supported above it for the next few sessions and with that the possibilities of continued positive moves above the $33,420 could arise.

If the price fails to continue positive moves above $33,000 and $33,220 for the next few sessions, the negative corrections could come back below $32,500 and $32,220.

Only the continuity of these positive advances above $32,500 and following the building of the base above $32,400 for the Bitcoin price to continue its positive developments above $33,550 and $34,000, where a new base will have to be formed above $33,360.

Sellers continue to hamper buyers' attempts for positive moves above $33,000 and $33,220.

It will be of utmost importance that buyers manage to stay supported above the EMA 5 for the next few sessions.

If buyers fail to stay with the Bitcoin price above EMA 5 or even above U$32,920, sellers will continue the downside down below U$32,500, where buyers will have to try to bar sellers above U$32,220, because below this price area, sellers will gain more strength and go with the Bitcoin price down below U$31,780.

Follow the buyers in the difficulty of keeping the Bitcoin price above the EMA 5.

Resistances: U$ 33,076 // U$ 33,326 // U$ 33,608 // U$ 33,897.

Supports: U$ 32,645 // U$ 32,325 // U$ 32,043 // U$ 31,751.

https://www.tradingview.com/x/pErbZ8rO/

Dominance  41.69%

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Nº 369