Bitcoin Price Evolution Analysis 07.08.2021
by CSM TRADER
nº388
BTC price U$ 32.634.
Price USD/BRL R$ 5.23.
Price EUR/BRL R$ 6.18.
Price Gold 1g R$ 303.31.
Good morning to all readers.
Bitcoin price follows me in a downtrend below the U$33,500 price area and the EMA 100 (H1).
The Bitcoin price in the past sessions failed to make the necessary positive moves upwards from the U$35,120 and U$35,090 price areas, and with that, made a double top pattern and came the negative corrections downwards from the U$35,000, U$34,000, U$33,000 price areas and even testing the U$32,207 price area.
Now at the time of writing, the Bitcoin price is tracking in the U$32,604 price area, and will try to advance above the EMA 5 (H1).
It will be important this positive advance above the EMA 5 in the short term, so that the Bitcoin price can come back with its consolidations above it, and with that, positive developments can emerge above the resistance of U$33,000 and U$33,500.
If the Bitcoin price remains stable above the U$33,000 price area, it could begin a new rise in the short term.
An immediate resistance will be in the U$33,550 price area.
If the Bitcoin price fails on these advances upward of the EMA 5 (H1) and the breakout of the U$33,000 resistance, the downside corrections could move back below the U$32,320 and U$32,000 price areas, where a search for the U$31,580 bottom could emerge.
Only positive advances above the EMA 5 (H1) and above $33,680 for the Bitcoin price to return to attempts at a test of the $34,000 price area and exit a risk area of continued negative corrections below $32,000.
A daily close above the $33,771 price area was made.
For today of extreme importance a daily close above the $33,220 price area.
Ideally, a daily close above $34,000 would be ideal.
Buyers continue to struggle with the positive advances above the $32,700 and $33,00 price areas.
We still have on the agenda the search for the $28,760 price area.
Major areas of resistance: $33,500, $34,120 and $35,000
Major support areas: $32,220, $31,780 and $31,220.
H4 Chart:
Bitcoin Price is tracking below the EMAs and below the Ichimoku Cloud.
It will be of utmost importance that the Bitcoin price returns with consolidations and positive developments upwards from the U$33,000 and U$33,220 price area for the next few sessions.
If the Bitcoin price continues below the $32,000 price area, the negative corrections will continue down to the $31,500 price area, and could even extend below $31,220.
Sellers remain in control of the situation and continue to create their downside down to the $32,500 price area.
Buyers need good, strong positive moves above the $32,880 and $33,220 price areas to get out of a risk area of continuing the downside created by sellers below $32,000.
Follow the buyers in their attempts to stop the sellers above $32,120.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 32,745 // U$ 33,038 // U$ 33,473 // U$ 33,933.
Supports: U$ 32.168 // U$ 31.767 // U$ 31.357 // U$ 30.955.
https://www.tradingview.com/x/G5EyM0tC/
H1 chart:
Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.
Bitcoin price would need a good positive advance above the U$33,000 price area or even above the EMA 5.
If the Bitcoin price for the next few sessions gets the necessary positive advances above $33,120, consolidations will have to be made above $33,220, so that positive developments above $33,550 can emerge, and give their continuities for attempted advances above $34,000, which will not be very easy.
If the Bitcoin price does not achieve the necessary positive advances above $33,000, the negative corrections will continue below $32,120 and $32,000.
Only with good consolidations above U$ 32,000 for the possible return of positive evolutions above U$ 32,780 and U$ 33,000 for the next sessions.
Follow the buyers in the attempts of the positive evolutions above the U$ 32,680.
Resistances: U$ 32,718 // U$ 33,027 // U$ 33,361 // U$ 33,734.
Supports: U$32,217 // U$31,899 // U$31,550 // U$31,137.
https://www.tradingview.com/x/SMYdBkcH/
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Nº 388
