Bitcoin Price Evolution Analysis 06.09.2021
by CSM TRADER
nº370
BTC price U$ 34.100.
USD/BRL price R$ 5.03.
Price EUR/BRL R$ 6.13.
Price Gold 1g R$ 307.07.
Good morning to all readers.
Bitcoin price is still in an uptrend above the U$ 30,966 price area and is still above the EMA 50 (H1).
The Bitcoin price in the past sessions after My Analysis of yesterday 08.06.2021, followed with its negative corrections downwards from the price areas of U$32,000 and U$31,000, even testing the price area of U$30,966 and making a lower bottom, than the previous ones, in the price areas of U$35,200 and U$34,800, as it could not advance with its positive developments upwards from U$36,800, where there was the Double Top Pattern.
Now at the time of writing, the Bitcoin price remains in the U$34,002 price area.
The Bitcoin price needs to continue its consolidations and positive developments above the EMA 50 (H1) or even above the U$33,780 price area, so as not to enter negative corrections again below the U$33,500 or gives EMA 20 (H1).
It will be important for the Bitcoin price to continue its positive developments above the price area of $34,500, where it already has difficulty following, and above $35,120 where in the price area of $35,500 it will have to face strong resistance in this price area.
If the Bitcoin price achieves the necessary positive advances above $35,500 the attempts of the advances above $36,220 and $36,880 could arise again.
Now, if the Bitcoin price fails to make positive moves above $35,220 and $35,500, or even above $34,880, negative corrections will emerge and could extend below $34,000, $33,000 and $32,800, where a stop above $32,220 will be of utmost importance in order not to test the $30,680 price area.
Only with good consolidations and positive advances above the EMA 100 (H1) for the Bitcoin price to continue its positive evolutions above U$ 35,000, where the Bitcoin price will face the EMA 100 and still have to rise above the Ichimoku Cloud.
A daily close was made below the $33,500 price area.
For today a good daily close would be above $34,500.
Follow the buyers in the attempts of the positive developments above the $34,500 and will have to keep the Bitcoin price above the EMAs 5 and 50 (H1) for the next sessions to not start having the downside created by the sellers below the $33,500.
H4 chart:
Bitcoin price is tracking above the 5 EMA, however it is tracking below the 20, 50, 100 and 200 EMAs and below the Ichimoku Cloud.
It will be important for the Bitcoin price to continue its positive moves above the EMA 20 so that positive moves can occur and on towards the $34,500 and $35,120 price areas.
If the price of Bitcoin fails on these upward EMA 20 moves, the negative corrections could move back below $34,000 and $33,500.
Buyers need to continue their climb upward from the U$34,500 and U$35,000 price areas and stay in consolidations above U$35,120 if they are to break through the U$35,500 resistance.
If buyers fail to break above $35,500 or even $35,220, sellers will regain control of the situation, where they can again create the downside below the $34,500 and $34,000 price areas and extend the downside below $33,500.
Follow the buyers in the attempts of the positive developments above the $34,500 and the EMA 20.
The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 34.427 // U$ 35.030 // U$ 35.504 // U$ 36.093.
Supports: U$ 33,780 // U$ 33,134 // U$ 32,545 // U$ 31,884.
https://www.tradingview.com/x/RjYIPr5p/
Dominance 42.79 %.
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Nº370
