Bitcoin Price Evolution Analysis 06.14.2021
by CSM TRADER
nº373
BTC price U$ 39.180.
USD/BRL price R$ 5.11.
Price EUR/BRL R$ 6.19.
Price Gold 1g R$ 309.26.
Good morning to all readers.
Bitcoin price follows me uptrend above the U$38,500 price area and above the 100 EMA (H1).
The Bitcoin price in the past sessions failing to break above the U$37,500 price area, went into negative corrections downwards from the U$37,000, U$36,000 and U$35,000 price areas, and thus forming a double bottom between the U$34,585 and U$34,738 price areas.
After these double bottoms were confirmed, the Bitcoin price returned with its positive developments upwards from the price areas of U$35,000 and U$36,000 breaking through U$37,500, and gave its positive developments continuities upwards to U$38,000 and U$39,000.
Now at the time of writing the price of Bitcoin continues to consolidate between the price areas of $38,700 and $39,420.
The Bitcoin price has already tested the U$39,824 price area.
It will be of utmost importance that the Bitcoin price continues its positive developments upwards from the price areas of U$39,500 and U$39,880, so that the possibilities of positive developments continue upwards from U$40,000 and attempts upwards from the price areas of U$41,000 and U$42,000 could arise.
If the price of Bitcoin is exhausted by attempts of positive advances above $39,500 or even $39,800, negative corrections will appear where they could continue below the price areas of $39,120 and $38,800, where the price of Bitcoin should remain above $38,500 in order not to have a continuation of negative corrections below $38,000 and $37,880 and still go in search of the EMA 100 (H1).
Only with good positive advances and with consolidations above the EMA 5, for the Bitcoin price to continue its positive evolutions above $39,500 and $39,880 and continue above $40,000.
On the H4 the Bitcoin price finds the difficulties to overcome the 200 EMA.
A good daily close was made above the U$38,990 price area.
For today a daily close above the $39,380 price area, or better yet above $40,000, would be very important.
Buyers remain in control of the situation, but continue with consolidations above the $38,700 price area.
It will be important for buyers to continue with consolidations above $38,700 and make positive advances above the $39,500 resistance and proceed to attempt the break of $39,880 and $40,000 in the coming sessions.
If buyers fail in this endeavor, sellers will take control of the situation where they will create the downside downside to the $39,000 and $38,500 price areas.
If the buyers manage to bar the sellers above $38,500, it will be a good victory; if not, the sellers will provide the continuities of the downside corrections below $37,500 and $37,120.
H4 chart:
The Bitcoin price is tracking above the 50, 20, 100 and 5 EMAs and above the Ichimoku Cloud, but is still below the 200 EMA.
It will be necessary for the Bitcoin price to break through and stay supported above the 200 EMA in order to proceed with positive developments above $39,900 and $40,000.
If the Bitcoin price fails in these positive evolutions above the EMA 200 or even above $39,500, the negative corrections will appear and go below $39,360 and $39,220, where a stop above $38,800 will be very important in order not to continue the negative corrections below $38,500.
Buyers continue to attempt positive developments above $39,440 and $39,500.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 39,838 // U$ 40,361 // U$ 40,848 // U$ 41,297.
Supports: U$ 39,940 // U$ 38,154 // U$ 37,574 // U$ 37,050.
https://www.tradingview.com/x/uyWaz1Hd/
H1 chart:
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
The Bitcoin price needs the continuities of the advances and consolidations above the 5 and 20 EMAs in order not to have major problems entering negative corrections below them for the next few sessions.
If the price of Bitcoin does not achieve the necessary advances above the price area of $39,500 and $39,800, the negative corrections will appear where they may at first go below $39,220 and $39,000, a stop above $38,500 will be of utmost importance to not have the continuities of the negative corrections below $38,220.
Buyers will have to continue their attempts to break above $39,500 and $39,800 in the next few sessions.
If buyers fail in these positive moves above $39,500, sellers will take advantage where they will create downside moves below $39,320 and $39,120, where they can still continue downside moves below $38,800 and $38,500.
Only a good advance by buyers in the short term above $39,500, to achieve success for continuities above $39,800 and $40,000.
And above $40,000 buyers will have to build the foundations to continue safely above $41,000 and $42,000.
It follows buyers with the difficulties of keeping the Bitcoin price above the EMA 5 or above U$39,120.
Resistances: U$ 36,612 // U$ 39,988 // U$ 40,314 // U$ 40,629.
Brackets: U$ 39,080 // U$ 38,680 // U$ 38,123 // U$ 37,603.
https://www.tradingview.com/x/rgLKFK5O/
If the Bitcoin price does not achieve the necessary positive developments above U$39,500 and U$40,000, a BART pattern could form, and the Bitcoin price could go to test the Ichimoku Cloud in the $37,350 price area; where it could return to climbs above the Ichimoku Cloud, or, go below it, where the downside corrections could be much larger.
https://www.tradingview.com/x/MgFEKpEC/
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Nº 373
