Bitcoin Price Evolution Analysis 06.17.2021

by CSM TRADER                                                                                                                

 nº376

BTC price U$ 39.292.  

USD/BRL price R$ 5.05.

Price EUR/BRL R$ 6.03.

Price Gold 1g R$ 300.24. 

Good morning to all readers.

Bitcoin price follows its uptrend above the U$ 38,103 price area and above the 100 EMA (H1).

The Bitcoin price in the past sessions went into negative corrections after failing to advance above U$41,415, where with the negative corrections it even tested the U$38,103 price area.

In this price area of U$38,103, a bottom was made and with that the positive developments came back up again to the price areas of U$38,500 and U$39,000.

Just now the price of Bitcoin has tested the price area of $39,566, and continues for the time being with a small downward correction below $39,500.

Now at the time of writing the Bitcoin price is still in the $39,260 price area.

It will be necessary for the Bitcoin price to continue its consolidations and positive developments above the 50 and 100 EMA (H1) in order not to enter again into stronger negative corrections, and with that, it could return to the price areas of $38,500 and $38,200.

If the Bitcoin price achieves the necessary consolidations above U$39,220 and U$39,660, positive developments will appear and go in search of the U$40,000 and U$40,500 price area again, where attempts to advance above U$41,220 and U$41,500 could emerge.

Only with continuations above the EMA 100 (H1) for the Bitcoin price to continue the attempts of the positive advances above U$40,000, if it corrects negatively below it, the corrections could be much larger.

A daily close was made above the $38,340 price area.

For today a good close and necessary for continued positive developments would be above the $39,660 price area.

Buyers have regained control of the situation and are attempting to continue positive moves above the $39,500 price area, where they have already tested this price area.

Buyers need good consolidations above $39,120, so that they can break through the $39,750 and $39,880 price area, to continue the positive moves above $40,000 and $40,120 again.

With further consolidations and base formations, buyers could continue the positive developments upwards to $40,500 and $40,880.

If buyers already fail to continue positive advances above $39,500, sellers will take control of the situation where they will create the downside below the $39,220 and $39,000 price areas.

In the case mentioned above, buyers will have to defend the $38,500 price area in order not to have major problems with sellers below $38,200.

BTC heading towards $50k.????

H4 chart:

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

The Bitcoin price has failed to make the positive advances or stay supported above the 200 EMA and with that comes the negative corrections.

It will be necessary for the Bitcoin price to continue its consolidations and positive developments above the $39,000 price area, or even above the EMAs 20 and 5, in order not to enter into negative corrections below $38,800.

Buyers are still struggling to keep the Bitcoin price above the 20 EMA, which will be of utmost importance for the coming sessions.

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$ 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/tBq3KWwF/

H1 chart:

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

It will be necessary for the Bitcoin price the returns of consolidations and positive developments above the EMAs 50 and 5 for the coming sessions.

The Bitcoin price needs to keep testing the $39,500 price area so that it can break through it and with that the positive developments will appear above $40,000.

If the Bitcoin price fails to move above $39,500, negative corrections will appear below $39,220 and $39,000 and may extend below $38,800.

Buyers remain in control of the situation, but will have to come back with their positive moves above the $39,340 price area, lest sellers gain strength below $39,100, or even below the 50 and 20 EMA.

Follow the buyers in the difficulties back above the EMA 50.

Resistances: U$ 39.363 // U$ 39.550 // U$ 39.739 // U$ 39.916.

Supports: U$ 39.098 // U$ 38.903 // U$ 38.647 // U$ 38.348.

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

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Nº 376