Bitcoin Price Evolution Analysis 07.14.2021
by CSM TRADER
nº391
BTC price U$ 32.485.
USD/BRL price R$ 5.16.
Price EUR/BRL R$ 6.08.
Price Gold 1g R$ 301.83.
Good morning to all readers.
The Bitcoin price is still in a downtrend at below the U$33,000 price area and the 100 EMA (H1).
The Bitcoin price in past sessions failed to make positive advances upwards from the U$32,800 and U$32,600 price areas, and with that came strong negative corrections downwards from the U$32,000 price area, where it even tested the U$31,556 price area.
After a small consolidation and having tested the price area of U$ 31,556, the Bitcoin price has returned with its positive developments to above the price areas of U$ 31,800, U$ 32,000, and just now has reached testing the price area of U$ 32,669, and a little bit below the EMA 50 (H1).
Now at the time of writing, the Bitcoin price is still in the U$33,490 price area, and already showing the difficulties of the positive advances above U$33,500 and U$33,600.
It will be necessary for the Bitcoin price to make positive advancements above the U$32,500 and U$32,880 price areas, and it will still have to break through the U$33,000 price area, and stay supported above the 100 EMA (H1) for the possible positive developments above the U$33,320 price area.
It will not be easy at all for the Bitcoin price to advance above U$33,000, where it is being a very strong resistance right now.
The odds of the Bitcoin price returning to the continuations of negative corrections below $32,220 and $32,000 are still stronger than the Bitcoin price advancing and being sustained above $33,000 and $33,220.
Only continuations and consolidations above the U$32,120 price area will allow the Bitcoin price to attempt positive advances back above the U$32,680 and U$32,880 price areas.
In the near term the Bitcoin price needs the positive advances above the EMA 50 (H1) and to stay sustained above it for the next few sessions, lest it return below the EMA 20 and further complicate the positive advances.
If the Bitcoin price loses the U$32,000 price area again, the negative corrections this time could extend below the U$31,220 and U$30,880 price areas.
Below $30,000 the search for the $28,600 price area will appear, not least because there have been 2 unsuccessful breakout tests in this price area, it needs one more.
Only positive advances upwards from the $33,120 price area for the Bitcoin price to get out of a risk area of continued negative corrections down to below $32,000 again.
A daily close above the $32,700 price area was made.
For today a close above $33,000 would be of extreme importance.
A close below $32,500, the Bitcoin price situation will not look good.
Sellers remain in control of the situation as they are still holding the Bitcoin price below the BB centerline.
The buyers were not able to hold the sellers above the U$32,000, and with that, the sellers created the downside that reached up to the U$31,556 price area.
Then buyers managed to regain control of the situation up to above $32,000 again.
Now at the time of writing buyers are in the attempts of positive advances the Bitcoin price upwards to the $32,500 price area.
It will be extremely important for buyers to make positive advances above the U$32,500 and the EMA 50 (H1) in the near term.
If buyers fail in these advances back above $32,700 and $32,880, sellers will take control of the situation again where they will create the downside back below $32,220 and $32,000 where a breakout search into the $31,500 price area will emerge.
Sellers are increasingly creating bottoms lower than the previous one, where they will still be able to take the Bitcoin price to price areas much lower than the U$31,000 and U$30,000.
Follow the buyers as they attempt positive advances above the $32,500 price area.
Major Resistance areas - U$33,000, U$33,500 and U$34,000.
Major Support areas - U$32,200, U$32,000 and U$31,550
H4 chart:
The price of Bitcoin follows below the EMAs and below the Ichimoku Cloud.
It will be important for the Bitcoin price to continue positive developments above the $32,120 price area in order to avoid negative corrections below $32,000.
Only positive advances and still being supported above the EMA 5 and 20, for the Bitcoin price not to go back to negative corrections below $32,220.
Buyers continue to attempt positive developments above the $32,500 price area.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 32,708 // U$ 33,070 // U$ 33,473 // U$ 34,007.
Supports: U$ 32,051 // U$ 31,714 // U$ 31,344 // U$ 31,024.
https://www.tradingview.com/x/J7PzSi02/
H1 chart:
Bitcoin price follows above the 5 and 20 EMAs, however it follows below the 50, 100 and 200 EMAs and below the Ichimoku Cloud.
It will be necessary for the Bitcoin price to make positive advances above the 5 and 20 EMAs and give continuities of attempts of the positive advances above the 50 EMA for the next few sessions.
If the Bitcoin price fails to make the positive advances up the EMA 50 the negative corrections will move back below the EMAs 5 and 20, where they could still move back below $32,120.
Only positive advances above the U$32,500 and U$32,780 price area for the Bitcoin price to move out of a risk area of further downside.
Follow the buyers in the attempts of the positive advances above U$ 32,500.
Resistances: U$ 32,571 // U$ 32,752 // U$ 32,951 // U$ 33,227.
Supports: U$32,273 // U$32,066 // U$31,902 // U$31,694.
https://www.tradingview.com/x/31JRyMYN/
Dominance: 47.63 %.
"You can even look to the South; but keep focused on the North. " ----- CSM TRADER
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Nº 391
