Bitcoin Price Evolution Analysis 06.18.2021

by CSM TRADER                                                                                                                

 nº376

BTC price U$ 37.668.  

USD/BRL price R$ 5.00.

Price EUR/BRL R$ 5.96.

Price Gold 1g BRL 287.07. 

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$38,500 price area and the 100 EMA (H1).

The Bitcoin price in the past sessions tried a positive development to above the U$38,220, but without success just testing the U$30,060 price area.

And so the Bitcoin price continues with negative corrections downwards from the U$38,000 price area.

Now at the time of writing the Bitcoin price continues with its negative corrections down to the $37,880 price area.

It will be necessary for the Bitcoin price to achieve positive developments along with good consolidations above the 20 and 200 EMA, where it is failing to breach them and thus forming a bearish channel.

If the Bitcoin price achieves these advances for the next few sessions it will still have to face the major resistance in the $38,500 price area, and still stay supported above the 100 EMA (H1), for the possible positive evolutions above $38,880.

If the Bitcoin price continues below the EMA 20 and 200 for the next few sessions, negative corrections could go below the U$37,200 and U$36,860 price areas where continued negative corrections could extend below U$36,500 and U$36,220.

Only with the positive developments upwards of the EMAs 20 and 200 for the Bitcoin price to leave a risk area of the continuations of negative corrections below the U$37,220.

A daily close was made in the $38,060 price area.

For today a daily close above the $37,500 price area would be a good thing, to avoid the continuation of the downward corrections below $37,000.

A daily close above the EMA 100 (H1) would change the scenario to new highs above the $39,500 and $40,000 price areas; of course if the Bitcoin price stays above the EMA 100 for the following days.

Sellers remain in control of the situation below the U$38,500 price area and below the EMA 100 (H1).

It will be extremely important for buyers to try to keep Bitcoin's price above the U$37,220 and U$37,000 price area.

Below U$37,000 sellers will gain more strength where they can give the downside continuities downwards from the U$36,800 and U$36,500 price areas, where attempts at negative advances to the U$35,660 price area may arise.

Only as buyers move above $38,220 and $38,500 will they regain control of the situation, and attempts at positive moves above the 100 EMA (H1) will emerge.

A Death Cross is still not ruled out, which is the pattern indicating the weakening of a positive (bullish) trend and the emergence of a negative (bearish) trend. Often due to growing bearish momentum in the short term.

This would be the crossover of EMA 50 with EMA 200. EMA 50 will go below EMA 200 on 1D.

https://www.tradingview.com/x/asW2nMuR/

H4 chart:

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

For the Bitcoin price with the positive developments it will have to move above the 100 and 50 EMA and continue climbing out of the Ichimoku Cloud.

It will also be important for the Bitcoin price to break out of the $38,220 and $38,500 price areas, and start again with new consolidations and base building to give the sequences of attempts of positive evolutions upwards to $39,000 and $39,360.

There is no point in the Bitcoin price going up all at once without a good base building.

Buyers continue to attempt positive moves above the $38,000 price area.

If they fail sellers will continue downside moves below $37,500.

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$ 37,926 // U$ 38,220 // U$ 38,574 // U$ 39,063.

Supports: U$ 37,373 // U$ 37,012 // U$ 36,570 // U$ 36,167.

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

H1 chart:

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

It will be necessary for the Bitcoin price to continue positive developments, to continue moving above the EMA 20 and 200 and still remain supported above them and with good consolidations, for the coming sessions.

Only this way and above U$38,220 for the Bitcoin price not to have the continuities of the negative corrections below U$37,500.

If the Bitcoin price achieves the positive advances above U$ 38,500, the attempts of evolutions above U$ 39,000 and U$ 39,340 will arise; but remembering that the Bitcoin price needs to form a good base of support between the price areas of U$ 38,000 and U$ 38,400, for the continuities of the positive evolutions above U$ 39,000.

Follow the buyers in their attempts to continue the positive moves above the EMA 20, or even above $38,000.

If buyers lose again where they are above EMA 5, sellers will give the downside continuities down to below U$37,500 and U$37,220.

Resistances: U$37.933 // U$38.183 // U$38.349 // U$38.534.

Brackets: U$ 37,620 // U$ 37,339 // U$ 37,052 // U$ 36,706.

https://www.tradingview.com/x/fxafrz1S/

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Nº 376