Bitcoin Price Evolution Analysis 07.07.2021

by CSM TRADER                                                                                                                

 nº387

BTC price U$ 34.610.  

Price USD/BRL R$ 5.19.

Price EUR/BRL R$ 6.14.

Price Gold 1g R$ 298.14. 

Good morning to all readers.

Bitcoin price continues in an uptrend above the U$ 34,120 price area and the 100 EMA (H1).

Bitcoin price in the past sessions after testing the U$35,120 price area, went into negative corrections downwards from the U$35,000, U$34,000 and U$33,500 price areas, even testing the U$33,499 price area.

After this test at U$33,499, the Bitcoin price returned with its positive developments above the U$34,000 price area, where it continues so far on the positive developments above the U$34,420 price area and above the 100 EMA (H1).

The price of Bitcoin needs the continuation of the positive developments above the $35,220 price area in order to continue its positive developments above the $36,000 price area.

In the case mentioned above, it will be of utmost importance that the Bitcoin price comes back with its positive evolutions above U$ 36,000, to break a pattern of lower tops than its previous ones, i.e. the Bitcoin price is with tops at U$ 35,956, U$ 35,122 and U$ 34,951.

Now at the time of writing the Bitcoin price is tracking in the U$34,617 price area and above the 100 EMA (H1).

It will be important for the Bitcoin price for the next few sessions of its continuing positive developments above U$34,880 and U$35,220.

If the Bitcoin price fails again in the positive advances upwards of U$35,220 and U$35,500, the negative corrections will appear where they may go back below U$34,220 and U$34,000, and may go test or even make a lower bottom than its previous one in the U$33,499 price area, and head below U$33,120, where a stop above U$33,000 will be of utmost importance, so as not to open a new bottom below U$32,780.

The bottoms are also getting higher with the price areas of $32,672, $33,031 and $33,499.

Only with the continuities of consolidations and positive advances above the 100 EMA (H1), for the Bitcoin price to give the continuities of positive developments above U$35,120 for the next few sessions.

A daily close was made above the $33,629 price area.

For today a good daily close would be above the $34,480 price area.

The ideal would be above $35,080.

Buyers remain in control of the situation and need to get back to attempting positive advances above $34,800 in the near term.

If buyers manage to make these positive moves with the Bitcoin price above $34,800 and $35,000, they will need to enter consolidations above $35,120 in order to continue positive moves above $35,500 and $35,780.

If buyers fail again with positive moves above $35,120 and $35,480, negative corrections could reappear below $35,000 and $34,500.

As sellers take control of the situation, they could continue the downside downwards to below $34,120 and $33,880.

Only good advances by buyers above $35,500 to change course on the Bitcoin price above $36,000 and $37,000.

H4 chart:

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

It will be necessary for the Bitcoin price to continue its positive developments above the EMA 100 in order not to enter into negative corrections below $34,500 and $34,220.

It is also extremely important for the Bitcoin price to break through the U$35,150 price area in the next few sessions, in order to continue the positive moves above U$35,360.

The Bitcoin price needs to hold above the triangle support in the U$33,400 and U$33,600 price area.

If the Bitcoin price does not stay above the triangle support the negative corrections could go as high as U$33,250.

Below U$33,120 and U$33,000 the downside corrections could proceed below the U$33,780 and U$32,500 price areas, where any losses, will test the U$32,220 price area.

Buyers will follow with attempts at positive advances above $34,880 and $35,000.

The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.

Resistances: U$ 34,707 // U$ 34,900 // U$ 35,059 // U$ 35,222.

Supports: U$ 34,473 // U$ 34,314 // U$ 34,125 // U$ 33,933.

https://www.tradingview.com/x/aRrHX0Hm/

H1 chart:

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

It will be important for the Bitcoin price to break above the LTB for positive advances to continue above the U$35,000 and U$35,220 price areas for the next few sessions.

If the Bitcoin price fails on these positive developments upwards of U$35,000 and U$35,120, the negative corrections could return in the near term downwards from the U$34,500 and U$34,360 price areas.

Continued consolidations and positive developments above the 5 and 20 EMA will be of utmost importance for the Bitcoin price.

Follow the buyers in the attempts of the LTB breakout in the price area of U$34,960.

Resistances: U$ 34,943 // U$ 35,210 // U$ 35,460 // U$ 35,698.

Supports: U$ 34,676 // U$ 34,437 // U$ 34,234 // U$ 33,943.

https://www.tradingview.com/x/BctRATn5/

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Nº 387