Bitcoin Price Evolution Analysis 07.12.2021
by CSM TRADER
nº389
BTC price U$ 33.790.
USD/BRL price R$ 5.25.
Price EUR/BRL R$ 6.23.
Price Gold 1g R$ 304.29.
Bitcoin price follows an uptrend above the R$ 33,500 price area and a little bit above the EMA 100.
The price of Bitcoin this weekend 10 and 11/06/2021, followed in strong consolidations between the price areas of U$ 33,280 and U$ 33,780, where there were the positive advances above the price area of U$ 34,220, reaching to test the price area of U$ 34,632 and U$ 34,663, and thus forming a double top pattern where it began the negative corrections to some past sessions below the price area of U$ 34,500.
In the case mentioned above, the Bitcoin price is still struggling to overcome the major resistance area of U$35,000.
A bullish rally has formed in the U$34,600 price area, and the Bitcoin price is still in negative corrections.
The first major resistance is near R$35,000.
Now at the time of writing, the Bitcoin price follows below the $34,000 price area and a little bit above the 100 EMA, it follows in the $33,806 price area.
It will be necessary for the Bitcoin price to return with its consolidations and positive advances above the $33,800 price area and not move too far from the EMA 100, where below we have the lower BB line (H1) and the Ichimoku Cloud (H1), to provide possible support to stop continued downward corrections.
If the Bitcoin price remains supported above the EMA 100 the positive developments could come back above $34,000 and $34,220 for the next few sessions.
If the Bitcoin price loses the EMA 100 negative corrections could follow below the U$33,500 and U$33,220 price areas where testing possibilities in the U$33,080 price area could occur.
It will be of utmost importance that the Bitcoin price stays above the U$33,000 price area, as below this, negative corrections could continue downwards from the U$32,880 price areas and go in search of the U$32,500 price area.
A daily close has been made above the $34,168 price area.
If there is a daily close above the $34,600 resistance, the Bitcoin price could continue its positive moves towards the $35,000 and $35,500 price areas.
If there is a daily close below $34,000 the negative corrections could continue down towards $33,220 and $33,000.
Buyers are having a hard time holding the price of Bitcoin above the U$33,700 price area now at the time of writing.
It will be extremely important that buyers get Bitcoin's price back above the 100 EMA (H1), which they have already lost just now.
If buyers do not get the positive developments back above the EMA 100 (H1) in the short term, sellers will continue the downside to below U$33,500 and may extend the downside to below U$33,220 and U$33,120.
Major areas of resistance - $34,500, $35,000 and $36,500.
Major areas of support - $33,500, $33,000 and $32,560.
H4 chart:
Bitcoin price follows below the EMAs and below the Ichimoku Cloud.
The price of Bitcoin in past sessions, failed to make the necessary positive moves out of the Ichimoku Cloud and entered negative corrections downwards from the U$34,500, U$34,000 and U$33,800 price areas.
Now at the time of writing, the Bitcoin price remains in the U$33,690 price area and slightly below the EMA 20.
It will be of utmost importance that the Bitcoin price gets supported above EMA 20 again and pulls EM 5 into the laps of positive developments above it.
If the price remains below the EMA 20 for the next few sessions, the negative corrections will continue below the price areas of $33,500 and $33,220.
Buyers continue to have difficulties with positive moves back above $33,780.
Below the $33,500 price area, sellers may gain strength and extend the downside below the $33,220 and $33,000 price areas.
Follow the buyers in their attempts to get Bitcoin's price back above U$33,800.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.
Resistances: U$ 33.922 // U$ 34.312 // U$ 34.629 // U$ 34.998.
Supports: U$ 33.542 // U$ 33.204 // U$ 32.813 // U$ 32.280.
https://www.tradingview.com/x/ZiN3ifgq/
H1 chart:
Bitcoin price follows below the EMAs, however it still follows above the Ichimoku Cloud.
It will be important for the Bitcoin price in the near term to move back above the 100 EMA to return with its consolidations and positive developments above the price areas of $33,780 and $33,880.
If the Bitcoin price fails to make the positive advances up the EMA 100, the negative corrections will follow below U$33,500 and U$33,360.
It will be of utmost importance that the Bitcoin price stays above the Ichimoku Cloud, because if the Bitcoin price enters the Cloud the chances of exiting below it will be great, and the negative corrections will go below the U$33,500 and U$33,420.
Buyers will not be able to lose control of the situation below the U$33,500 price area, because from there, sellers will gain strength where they can go for a test or even further below U$33,220 and U$33,000.
Follow the buyers in attempts to hold off the sellers with the Bitcoin price above U$33,500; which will be of utmost importance for the upcoming sessions.
Resistances: U$ 33,799 // U$ 33,959 // U$ 34,179 // U$ 34,396.
Supports: U$ 33.550 // U$ 33.403 // U$ 33.260 // U$ 33.101.
https://www.tradingview.com/x/Gfkh2ytX/
Dominance 46.84
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Nº 389
