Bitcoin Price Evolution Analysis 07.01.2021

by CSM TRADER                                                                                                                

 nº384

BTC price U$ 33.248.  

Price USD/BRL R$ 4.97.

Price EUR/BRL R$ 5.89.

Price Gold 1g R$ 283.85. 

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$33,500 price area and the 100 EMA (H1).

Bitcoin price after going into negative corrections for not advancing above the $36,500 price area, has continued its downward trend below the $36,000 and $35,000 price area, even testing the $34,044 price area.

In the case mentioned above, the Bitcoin price returned with the positive advances upwards from the U$34,500 and U$35,000 price areas, where it attempted the positive advances upwards from U$35,500, but without success, and again entered negative corrections downwards from the U$35,000, U$34,000 and U$33,000 price areas, where it tested the U$32,966 price area.

Now at the time of writing the Bitcoin price is tracking in the U$33,300 price area.

The Bitcoin price needs to return to the positive advances upwards from the U$33,560, U$34,000 and U$34,500 price area, lest it have the continuities of the negative corrections downwards from U$33,000 and U$32,680.

If the Bitcoin price gets these advances above U$34,000, it will need a good consolidation above this price area for sustained positive advances above U$34,500 and U$35,000.

These positive advances above $34,500 will not be easy at all, as everything that was support now becomes resistance.

If the Bitcoin price fails to make positive moves above $34,000 and $34,500, the downside corrections could vote down to below $33,500 and $33,000, and even extend below $32,666 and head toward the next bottom formed in the $30,117 price area.

Only with good consolidations above the U$33,800 and U$34,000 price areas, for the return of positive advances above U$34,500 and U$35,220 again, and most importantly to stay sustained above the EMA 100 (H1).

If the Bitcoin price remains stable above the U$34,000 price area, it could start a new rise, in the short term.

An immediate resistance will be at the U$35,200 price area.

A daily close has been made above the $35,900 price area.

For today a daily close above the $34,666 price area would be very good for further positive advances.

Buyers are regaining control of the situation after sellers managed to test the $32,996 price area.

The main resistance is near $35,500, above which buyers will likely retest the $36,500 price area.

Any further gains the buyers make could take Bitcoin's price toward resistance at U$38,000.

The next major hurdle for buyers will be near the U$40,000 price area.

Buyers need to get the Bitcoin price out of the U$33,000 price area, so as not to take further losses with sellers below this last test made.

If buyers fail to make the advances above $34,220 the sellers will get into control of the situation where they can create the downside back below $33,500 and $33,000.

H4 chart:

Bitcoin price follows above the Ichimoku Cloud and above the lower BB line, however it follows below the EMAs.

It will be necessary for the Bitcoin price to return to positive developments above the 50 and 20 EMAs for attempts to get supported above the 100 EMA, where consolidations will have to be made for possible positive advances above $35,000 and $35,220.

If the Bitcoin price fails right away to stay supported above the EMAs 20 and 50 the negative corrections will move back below U$33,500 and U$33,120.

Follow the buyers in the attempts of the positive developments above $33,500 and $33,780, which will be of extreme 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$ 33.606 // U$ 34.135 // U$ 34.679 // U$ 35.166.

Supports: U$ 32.234 // U$ 32.747 // U$ 32.232 // U$ 31.702.

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

H1 chart:

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

The Bitcoin price for the next few sessions needs to continue the positive developments above the EMA 5 in order to make the necessary advances above $34,120 and thus remain supported above the EMA 20.

The EMAs 20, 50, 200 and 100 are well together, which could favor the positive advances above them for the next sessions, and with that the attempts of the positive advances above the $34,500 could arise.

Only with good consolidations above the EMA 100 for the Bitcoin price attempts the positive advances above the resistance of U$35,220 and U$35,500.

If the Bitcoin price fails the positive advances above U$34,000, the negative corrections will return to below U$33,500 and U$32,800.

It follows the buyers in their attempts to keep the Bitcoin price above U$33,320 and will have to give the continuities of the positive developments above U$33,500 and U$34,220, for the next few sessions.

Resistances: U$ 33,677 // U$ 33,978 // U$ 34,156 // U$ 34,396.

Supports: U$ 33.369 // U$ 33.143 // U$ 32.931 // U$ 32.630.

https://www.tradingview.com/x/ljxhB1VI/

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Nº 384