Bitcoin Price Evolution Analysis 06.10.2021
by CSM TRADER
nº371
BTC price U$ 37.835.
USD/BRL price R$ 5.06.
Price EUR/BRL R$ 6.16.
Price Gold 1g BRL 307.15.
Good morning to all readers.
The Bitcoin price is still in an uptrend above the U$37,500 price area, and above the 100 EMA (H1).
The Bitcoin price in past sessions has continued its positive developments upwards above the U$35,500, U$36,500, and U$37,500 price areas, where it just now tested the U$38,490 price area.
Now at the time of writing, the Bitcoin price is tracking in the U$37,805 price area.
For the Bitcoin price to give its continued positive developments, it needs to give its continued positive developments and consolidations above the U$37,500 and U$37,000 price areas.
If there is a search for the EMA 20 (H1), the Bitcoin price will need to stay above it, so as not to enter into heavier negative corrections below it, or even, below the U$ 36,500, where the possibilities of the continuations of negative corrections could go below the U$ 36,000 and U$ 35,220.
The price of Bitcoin needs to continue its positive developments above the resistance of $38,500 for the next short-term sessions, and with that, the possibilities of positive advances for the attempts of the break of $39,500 could arise, and follow for the attempts of the continuity of the positive developments above $40,000 and $41,000.
Only the continuity of consolidations and positive moves above the 5 and 20 EMA (H1), to give the conditions for the continuation of positive moves above the $39,000 and $39,500.
A daily close was made above the $37,300 price area.
For today and to give the condition of positive evolutions for the attempts of the breakout of the $39,500 and $40,000, a daily close above the $37,880 price area would be good.
Ideally, it would be above $38,500.
Buyers remain in total control of the situation above the $35,500 price area and the 100 EMA (H1).
Buyers will have to continue positive moves above the $38,500 and $38,880 price area in order not to lose the positive moves above the $37,360 price area or the 5 (H1) EMA.
If buyers fail to keep the Bitcoin price above the EMA 5 (H1), sellers could create the downside up to the EMA 20 (H1), where buyers will have to bar sellers above it to avoid further losses below it.
If buyers fail to stop sellers above EMA 20 or even above $36,660, sellers will continue the downside down to below $36,000 and $35,220.
Buyers continue with consolidations above $37,280 and with attempts at positive advances above $38,500.
H4 chart:
Bitcoin price follows above the EMAs 20, 50 5 and 100 and above the Ichimoku Cloud, however, it follows below the EMA 200.
The Bitcoin price needs to continue the positive developments above the 100 EMA where it remains supported.
It will be of utmost importance for the Bitcoin price to surpass the $39,500 price area, in order to continue the attempts of positive evolutions above $40,000.
But before this aforementioned achievement, the Bitcoin price will still have to face in the short term, the resistance of U$38,500, to give the continuities of the attempts of positive evolutions upwards to U$39,000 and U$39,320.
If the Bitcoin price already fails in the attempts of the positive developments upwards of $38,500 and $39,380, the negative corrections could come back down to below $37,500 and $37,000, and still, go in search of the $36,380 and $35,880 price areas.
Buyers remain in control of the situation, but need the positive developments to continue above $38,500.
If buyers fail in these positive moves above $38,500 and $39,000, sellers will take control of the situation where they will create the downside below $37,500 and $37,000.
It follows the buyers in the difficulty of keeping the Bitcoin price above the U$38,000 price area.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.
Resistances: U$ 37.956 // U$ 38.521 // U$ 39.353 // U$ 39.918.
Supports: U$ 37,490 // U$ 36,892 // U$ 36,210 // U$ 35,578.
https://www.tradingview.com/x/DKrFYiEQ/
H1 Chart:
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
It will be of utmost importance that the Bitcoin price remains above the U$37,500 and U$37,120 price areas and especially above the EMA 5.
If the Bitcoin price stays above the EMA 5 for the next few sessions, the possibilities of the breakout in the price area of U$38,500 could arise, and with that, give the continuity of the positive evolutions upwards of U$38,880 and U$39,000.
Now, if the price of Bitcoin goes into exhaustion due to attempts not to break through the $38,500 price area, negative corrections will emerge and could go towards the $37,500 and $37,000 price areas, and thus go below the EMA 5 and towards the EMA 20.
Buyers need to protect the $37,500 price area in order not to have further disadvantages created by sellers below $37,500, $37,220, and $37,000.
Buyers have already attempted 1 time the breakout of the $38,500 price area, there are 2 more attempts to go, if they don't succeed the sellers could take control of the situation and start creating the downside below the EMA 5 or even below the $37,500.
Follow the buyers in their attempts to evolve the Bitcoin price above U$ 38,000.
Resistances: U$ 38,498 // U$ 39,128 // U$ 39,656 // U$ 40,096.
Supports: U$ 37,663 // U$ 37,165 // U$ 36,725 // U$ 36,168.
https://www.tradingview.com/x/y9QQTEVd/
Dominance 44.48%.
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Nº 371
