Bitcoin Price Evolution Analysis 06.11.2021

by CSM TRADER                                                                                                                 

 nº372

BTC price U$ 37.420.  

USD/BRL price R$ 5.05.

Price EUR/BRL R$ 6.14.

Price Gold 1g BRL 308.33.

Good morning to all readers.

Bitcoin price follows me uptrend above the U$ 36,000 price area and the EMA 100 (H1).

Bitcoin price in the past sessions tried to break through the $38,500 price area, but failed a few times reaching the $38,492 and $38,204 price areas, and with that came the negative corrections.

These negative corrections came down from the U$37,000 and U$36,000 price areas, and even testing the U$35,750 price area.

The Bitcoin price managed to hold above the EMA 100 (H1) and came back with its positive moves above U$36,000 and U$37,000.

Now at the time of writing the Bitcoin price is tracking in the U$37,470 price area.

It will be of utmost importance that the Bitcoin price achieves the breakout at the $37,500 price area, and continues climbing the Green Ichimoku Cloud (H1) on the outside, just as it has been doing since the $35,860 price area.

If the Bitcoin price continues above $37,500 and $37,880, the chances of a retest of breaching the $38,500 price area will be forthcoming and still evolving into attempts at positive advances above $39,000 and $39,220 in the coming sessions.

On the other hand, if the Bitcoin price fails to make the positive advances upwards from the U$37,500 and U$38,360 price areas, the negative corrections could emerge and come back with the Bitcoin price downwards from the U$37,000 and U$36,500 price areas, where a stop above U$35,500 will be very important so that there will be no more continuations of the negative corrections downwards from the U$35,000 and the 100 EMA (H1).

Only with good consolidations and with a good positive advance above $37,880 and $38,000, for the Bitcoin price to get out of a risk area of entering into negative corrections in the near term, and it will still have to stay out of the Ichimoku Cloud (H1), because if the Bitcoin price enters the Ichimoku Cloud (H1), the negative corrections could be much larger. 

A daily close was made above below the $36,800 price area.

For today a good daily close remains above the $37,500 price area.

Ideally a close above the $38,220 price area would be ideal.

Buyers remain in control of the situation and present difficulties to move above the resistance in the $37,500 price area.

It will be extremely important for buyers to continue their positive moves above $37,5000 and $38,000 for the next few sessions.

If buyers fail to keep the Bitcoin price above $37,360 and $37,220, sellers will take control of the situation and begin to create the downside below $37,000 and $36,500, where buyers will have to stop sellers above the $35,500 price area in order to avoid further losses as the downside created by sellers continues.

It is also important for buyers to keep the Bitcoin price above the 20 and 5 EMA (H1) and stay above the Ichimoku Cloud (H1).

Follow the buyers in the attempts of the positive advances above $37,500.

H4 chart:

Bitcoin price follows above the EMAs 50, 20, 5 and 100 and above the Ichimoku Cloud, however it follows below the EMA 200.

Necessary for the Bitcoin price to continue and stay supported for the next few sessions above the 100 EMA or even above $37,120.

If the Bitcoin price makes the necessary positive advances above the $37,500 resistance the positive developments will continue above $38,000 and $38,120.

With the Bitcoin price above $38,220, attempts to break through the $38,500 level could emerge.

It will be extremely important to break above $38,500 so that positive developments can continue, and developments above $39,000 and $39,220 can take place.

The Bitcoin price needs a higher top than before, i.e. it needs to break through the $38,500 and $39,500 price areas, so that we can see the Bitcoin price at $40,000 price levels again.

If the Bitcoin price fails in these moves above $37,500 and $38,500, the downside corrections will happen again, where it will be necessary for the Bitcoin price to stay above $35,500 to avoid further downside corrections below this price area.

Buyers continue with the difficulties of positive advances above $37,500.

It is necessary for buyers to continue with positive developments in the short term, above $37,500, so as not to get exhausted by trying and letting sellers take control of the situation where they can start to create disadvantages below $37,000 and $36,880.

Follow the buyers trying to keep the Bitcoin price above the 100 EMA and above the $37,220 price area, and still need the continuities of the positive advances above $37,500.

The chart on H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.

Resistances: U$ 37,727 // U$ 38,237 // U$ 38,558 // U$ 39,148.

Supports: U$ 37,124 // U$ 36,681 // U$ 36,279 // U$ 35,836.

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

H1 Chart:

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

The Bitcoin price needs to continue its positive developments above the Ichimoku Cloud, meaning the Bitcoin price needs to continue climbing outside of the Ichimoku Cloud in order to avoid further losses if it enters it.

The Bitcoin price also needs to stay above the EMA 5 and 20 to give this ladder condition, because if the Bitcoin price starts to open candles below them, the downside corrections will enter the Ichimoku Cloud where the continuities of the downside corrections up to the EMA 200 and 100 could arise.

With the breakout in the $37,500 price area, the Bitcoin price will go in search of the $38,500 price area, where it failed in the last attempts to break through this price area, and entered negative corrections up to the $35,750 price area.

If the Bitcoin price right off the bat does not make these advances above $37,500 and $37,880, the negative corrections will appear again.

It will be of utmost importance that the Bitcoin price stays above the $35,500 and $35,000 price areas because below these price areas a search for the $34,500 and $34,220 price areas could occur.

Buyers continue to hold above the $37,200 price area and need the positive advances above $37,500 for the next few sessions.

If they fail, sellers will take control of the situation where they can create downside pressures below $37,000 and $36,880.

Follow the buyers with the Bitcoin price in the U$37,340 price area and in attempts to get back the positive evolutions upwards of U$37,500.

Resistances: U$ 37,556 // U$ 37,810 // U$ 38,056 // U$ 38,338.

Supports: U$37,111 // U$36,775 // U$36,447 // U$36,102.

https://www.tradingview.com/x/hTchw8zn/

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Nº 372