Bitcoin Price Evolution Analysis 06.16.2021

by CSM TRADER                                                                                                                 

 nº375

BTC price U$ 39.250.  

USD/BRL price R$ 5.04.

Price EUR/BRL R$ 6.11.

Price Gold 1g R$ 303.50. 

Good morning to all readers.

Bitcoin price still remains in an uptrend above the U$38,500 price area and above the 100 EMA (H1); now at the time of writing.

The Bitcoin price in past sessions has made the necessary advances above the U$40,000 price areas even testing the U$41,415 price area.

In this test at the U$41,415 price area, there was no base support building and with that the downside corrections appeared and came down below the U$40,500, U$40,000, U$39,500 and has just now tested the U$39,041 price area.

Also the Bitcoin price managed to go below the EMA 50 (H1) and follows in search of the EMA 100 (H1), and follows inside the Ichimoku Cloud where an exit below will seek the EMA 200 which is in the price area of U$37,800.

Now at the time of writing the Bitcoin price is in the $39,199 price area and is looking for a test of the EMA 100 (H1).

It will be of paramount importance that the Bitcoin price stays supported above the EMA 100 (H1), or even above the U$38,760 price area.

If the Bitcoin price continues its downward corrections below the $38,700 or even below the EMA 100 (H1), it will have to stay above the $38,500 support, as below that the corrections could continue and be heavier below the $38,220 and $37,800.

Only a stop above the EMA 100 (H1) for the Bitcoin price to return to base building and where the possibilities of a new bottom will be formed and thus the turns of the positive developments above $40,000 could emerge again.

A good daily close was made above the U$40,132 price area.

For today a close above $39,660 would be very important for the continuation of positive moves back towards $40,000 and the EMA 50 (H1).

Buyers continue to have great difficulty stopping sellers above the $39,120 price area,

The possibilities of sellers continuing their downside downwards from the $38,800 and $38,660 price area could arise, and still go with the Bitcoin price to test the EMA 200 (H1) which will be more or less in the $38,120 price area when this happens.

Only if buyers manage to bar sellers above the EMA 100 (H1) or even above the U$38,877 and with the new base constructions, so that they can prevent sellers from giving the downside continuities below the U$38,700 and U$38,500.

H4 chart:

Bitcoin price follows above the 100 and 50 EMAs and the Ichimoku Cloud, however it already follows below the 200 and 4 EMA and a little below the 20 EMA.

It will be necessary for the Bitcoin price to remain supported above the EMA 50 for the next few sessions in order to avoid serious negative corrections below it or even below the price area of $37,800 and $37,500.

Only the return of new base constructions above $38,800 and $39,000 for the Bitcoin price to return with its positive developments above $39,500 and $40,220.

Sellers continue their downside creations below $39,120.

It will be of utmost importance that buyers manage to stop sellers above the EMA 100 or they will have to try to stop sellers above $38,700, as below this price area sellers will gain more strength and the downside could extend below $37,500.

Follow the sellers already with the Bitcoin price at U$39,022.

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$ 39.567 // U$ 40.161 // U$ 40.662 // U$ 41.099.

Supports: U$ 38,910 // U$ 38,269 // U$ 37,737 // U$ 37,190.

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

H1 Chart:

Bitcoin price follows above the 200 and 100 EMAs and inside the Ichimoku Cloud, but follows below the 5 and 20 EMAs.

The price of Bitcoin is for now supported above the 100 EMA where it should remain in order to not have the negative corrections continue below it and proceed to go for the 200 EMA and exit below the Ichimoku Cloud.

It will be of utmost importance that buyers manage to start building new bases above the EMA 100 or even above $38,780, so that the possibilities of positive advancements back above $39,500 and $40,000 for the next few sessions.

If buyers fail in these base builds or even fail to keep sellers with the Bitcoin price above the EMA 100, sellers will give the downside continuities down below U$39,000 and U$38,700.

It will be of utmost importance that buyers manage to stop sellers above the $38,800 price area where they have a small base formed, and more importantly above $38,500 as below this price area the downside created by sellers could be much greater.

Follow the buyers in their attempts to keep the Bitcoin price above the EMA 100 and above U$39,000.

Resistances: U$ 39,178 // U$ 39,428 // U$ 39,615 // U$ 39,836.

Supports: U$38,879 // U$38,575 // U$38,340 // U$38,090.

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

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Nº375