Bitcoin Price Evolution Analysis 07.05.2021

by CSM TRADER                                                                                                                 

 nº386

BTC price U$ 34.370.  

Price USD/BRL R$ 5.05.

Price EUR/BRL R$ 6.00.

Price Gold 1g R$ 288.17. 

Good morning to all readers.

The Bitcoin price is still in an uptrend above the $33,500 price area, but is still slightly below the 100 EMA (H1).

The Bitcoin price this weekend on July 3rd and 4th/2021 had a good development of positive advances upwards from the $34,000 and $35,500 price areas, even testing the $35,955 price area.

In the case mentioned above, the Bitcoin price failed to make the positive advances needed to break through the $36,000 price area, and with that, negative corrections appeared downward from the $35,000 and $34,000 price areas where it even tested the $33,999 price area.

Now at the time of writing the Bitcoin price is attempting a positive recovery upwards from the U$34,400 price area and the 100 EMA (H1).

It will be important in the near term for the Bitcoin price to be sustained above the EMA 100 (H1) or even above U$34,500, for further consolidations to take place and with that positive developments could move above the U$35,000 and U$35,220 price areas.

If Bitcoin's price fails to make these positive advances above $34,500, the negative corrections will reappear, and may go back below the $34,120 and $33,780 price areas, where it should remain above $33,220 so as not to go below $33,000 and $32,800.

Only a good positive advance above the EMA 100 (H1) and with consolidations above it, for the Bitcoin price to continue its positive advances and go in search of the $35,000 breakout again.

The daily close was made above the $35,277 price area.

For today a good close would be above $34,666.

Sellers remain in control of the situation with the Bitcoin price below the $34,880 price area.

It will be necessary for buyers to continue positive developments above $34,500 and $34,880 and stay above the EMA100 (H1) in the near term.

If buyers remain stable with the Bitcoin price above the U$34,000 support area, they could give the continuities of positive developments in the short term.

Buyers will again face resistance at $35,000.

The next strong resistance to be overcome by buyers with the Bitcoin price will be at $35,250, above this price area buyers could go for new attempts to break through $36,000.

Any further gains above U$36,500, buyers will take the Bitcoin price above U$37,000 and U$37,220.

If buyers fail to keep the Bitcoin price above the 100 EMA (H1), sellers will give the downside continuities below the U$34,000 and U$33,880 price areas, where they may extend these downsides below U$33,500.

If sellers continue the downside down to below $33,500, the downside will be much greater down to below $33,000 and $32,880.

H4 chart:

The Bitcoin price is tracking below the EMAs and is still inside the Ichimoku Cloud.

It will be necessary for the Bitcoin price to return with its positive developments to above the Ichimoku Cloud where it will still have to give its positive developments continuities to above the 50, 20 and 100 EMAs.

If the Bitcoin price already fails to make the positive moves to the exit above the Ichimoku Cloud, the negative corrections could enter the Ichimoku Cloud where an exit below the Ichimoku Cloud could happen and go below $34,000 and $33,800.

Only with positive advances up the EMAs 50,20 and 100 and above the Ichimoku Cloud for the Bitcoin price to break out of a risk area of negative corrections to below $34,000.

Follow the buyers in the attempts of the positive advances above the 50, 20 and 100 EMA.

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$ 34,433 // U$ 34,658 // U$ 3,864 // U$ 35,133.

Supports: U$ 34,035 // U$ 33,794 // U$ 33,575 // U$ 33,362.

https://www.tradingview.com/x/4SaLsZof/

H1 chart:

Bitcoin price follows below the EMAs and already exiting below the Ichimoku Cloud.

It will be important for the price to stay above the $33,000 price area for the next few sessions, as below this price area, a search at $32,500 could occur, and still extend below $31,800.

Only above the EMA 100 will positive advances happen again.

Follow the sellers already in the U$33,700 price area, where they have already tested the U$33,499.

Resistances: U$ 34,221 // U$ 34,517 // U$ 34,813 // U$ 35,200.

Supports: U$ 33,482 // U$ 33,067 // U$ 32,688 // U$ 32,263.

https://www.tradingview.com/x/ryEZr0Z0/

Dominance 45.24

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Nº 386