Bitcoin Price Evolution Analysis 06.23.2021

by CSM TRADER                                                                                                                

 nº379

BTC price U$ 33.945.  

USD/BRL price R$ 4.95.

Price EUR/BRL R$ 5.92.

Price Gold 1g R$ 286.53. 

Good morning to all readers.

Bitcoin price is still in an uptrend above the U$ 31,500 price area, and a little bit above the 100 EMA (H1).

The price of Bitcoin in past sessions has continued its negative corrections downward from the $30,000 and $29,000 price areas, even testing the $28,780 price area, and staying just above the last bottom of $28,685.

The Bitcoin price has already made 2 tests in these price areas mentioned above, it may make the third test to attempt the breakout of U$28,000.

If the Bitcoin price stays above the EMA 100 (H1) and gives the continuity of the positive developments above it, the positive developments will give the continuity above the U$34,500 where Bitcoin price needs to advance above the strong resistance of the U$35,000, or even above the EMA 200 (H1), to not have the possible negative corrections back below the U$34,000.

In the case mentioned above, if the Bitcoin price fails with the positive evolutions above $34,500 or the breakout of $35,000, the negative corrections will appear again, where they could go back below the price areas of $34,000 and $33,500, where it will have to remain above the support formed in the price area of $33,000, if it corrects below this, the negative corrections could continue below $32,500 and $32,000.

Only with the breakout of the U$35,000 price area will the Bitcoin price continue its positive developments upwards to U$35,500 and U$36,000 for the coming sessions.

A daily close has been made above the $32,500 price area.

For today a good daily close would be above the $34,120 price area.

Buyers are back in control of the situation after sellers managed to create the downside below the $30,000 and $29,000 price areas where they tested the $28,780 price area.

Buyers need to continue the positive developments above the $34,500 and $35,000 price areas, to not let sellers get back in control of the situation below $33,000, and create the downside below $32,500 again.

It will be of utmost importance for buyers the positive advances above $34,500 and $35,220 for the next few sessions, in order not to lose control of the situation.

Buyers continue to maintain consolidations above the $33,600 price area and above the 100 EMA (H1).

H4 chart:

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

It will be necessary for the Bitcoin price to continue its positive developments above the $34,500 EMA and remain above the 50 EMA for further consolidations and positive developments above $35,220.

The EMA 50 or even the $35,000 are a strong resistance to be overcome, where if the price of Bitcoin manages to achieve this feat the positive evolutions will continue above $35,500 and $36,000.

If the Bitcoin price fails in these positive evolutions above $34,880 and $35,000, the negative corrections will appear below $34,000 and $33,500, where a stop above $33,000 will have to occur, as below this price area the downside could be much larger to below $32,500.

Buyers continue to attempt positive developments above $34,220.

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$ 34,479 // U$ 35,082 // U$ 35,728 // U$ 36,442.

Supports: U$ 33,587 // U$ 32,829 // U$ 31,982 // U$ 31,157.

https://www.tradingview.com/x/n5xrlc2h/

H1 chart:

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

It will be of utmost importance for the Bitcoin price to continue its positive developments above the 100 EMA, and to continue its attempts to break through the resistance at the $34,500 price area.

The Bitcoin price will have to consolidate above $34,500 for the next attempt at positive moves above the strong resistance of $35,000, and will still have to stay above the EMA 200 for further consolidations for the necessary moves above $35,500 and $36,000.

If the Bitcoin price fails in the near term to attempt positive moves above $34,500 and $35,000, negative corrections could appear going below $34,000 and $33,800, where it will have to stay above $33,500 to avoid further downside below this price area.

Buyers face strong resistance from sellers in the $34,500 price area.

Buyers have already tried once to break through the $34,500 price area, but without success.

It will be very important for buyers to move above $34,500 so that they don't get exhausted by trying, and thereby letting sellers take control of the situation where they can create the downside of $34,000 and $33,880 for the next few sessions.

Only positive advances above the U$34,500 price area for buyers not to have major problems with sellers below this price area.

Resistances: U$ 34.374 // U$ 34.839 // U$ 35.175 // U$ 35.547.

Supports: U$ 33.828 // U$ 33.422 // U$ 33.027 // U$ 32.597.

https://www.tradingview.com/x/LL3SBRkp/

Dominance 47.91%

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Nº 379