Bitcoin Price Evolution Analysis 07.15.2021

by CSM TRADER                                                                                                                

 nº392

BTC price U$ 31.866.  

USD/BRL price R$ 5.07.

Price EUR/BRL R$ 5.99.

Price Gold 1g R$ 298.03. 

Good morning to all readers.

Bitcoin price follows a downtrend below the price area of $32,880 and the EMA 100 (H1).

The price of Bitcoin in the past sessions tried 2 times the positive advancements above the price area of U$33,200 and the EMA 100 (H1), but failed in these attempts, reaching the price areas of U$33,177 and U$33,171, and with that, making a double top pattern; as the market does not forgive double tops, the negative corrections came.

In the case mentioned above, after these attempts the Bitcoin price went into negative corrections downwards from the U$33,000, U$32,500 price areas, and just now testing the U$31,799 price area, staying just above the last bottom formed in the U$31,554 price area.

Now at the time of writing the Bitcoin price is tracking in the U$31,876 price area and well below the 50 and 100 EMA (H1).

It will be necessary for the Bitcoin price to return with its positive evolutions staying above the EMA 5 (H1) or even above the price area of $32,220, and return with consolidations above them for a possible return of attempts of the breakout in the price area of $32,500 and the EMA 20 (H1), where it should be supported for new consolidations.

In the short term the Bitcoin price could still go test the U$31,554 price area, which is the last formed bottom.

If the Bitcoin price fails to make the necessary advances above the EMA 5 (H1) or even above U$32,000 and U$32,220, the negative corrections will continue downwards from the U$31,500 and U$31,220 price areas, and may extend to test in the U$30,780 and U$30,560 price area.

The Bitcoin price situation is still more towards continuations of the negative downward corrections of U$31,500 and U$31,000 than, towards positive advances back upwards from U$32,500 and U$33,000.

Only positive advances above the EMA 20 or even above the U$32,500 price area, for the Bitcoin price to move out of a risk area of further negative corrections for the coming sessions.

A daily close above the $32,760 price area was made.

For today a daily close above the $32,500 price area would be important.

A daily close below the $31,500 price area will further complicate the situation in the Bitcoin price for the returns of positive developments and with that making lower and lower tops than the previous ones, which will give the continuities of the negative corrections.

The buyers failed to make the necessary advances above $33,220, and with that, the sellers came in heavy control of the situation and created the downslides below the $32,500 and $32,000 price areas.

Sellers remain in control of the situation with the Bitcoin price, and want to go for the breakout at the U$31,000 price area.

If the sellers manage this breakout of the $31,000 the downside will continue down to below $30,780 and $30,550.

As I have always written in my analysis, sellers want the 3rd test at the $28,600 price area, if they can break through, the odds of the downside continuing below the $28,220 and $27,500 price areas could appear.

Only positive advances by buyers above $32,500 to begin to regain control of the situation would be best, back above $33,000.

Major areas of Resistance - U$32,000, U$32,500 and U$33,150.

Major Support areas - U$31,546, U$31,000 and U$30,680.

H4 chart:

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

The Bitcoin price needs to stay above the $31,000 price area and return with its positive developments above $32,000 for the next few sessions so as not to continue the negative corrections below $31,500 and $31,120.

Only with the positive advances above the EMA 5, for the Bitcoin price to leave a risk area of the continuations of the negative corrections below the U$ 31,220.

Follow the buyers in attempts to hold off the sellers with the Bitcoin price above the $31,500 price area and the LTA.

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$ 32,088 // U$ 32,468 // U$ 32,944 // U$ 33,177.

Supports: U$ 31,769 // U$ 31,472 // U$ 31,089 // U$ 30,787.

https://www.tradingview.com/x/8Gqlu5Vm/

H1 chart:

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

It will be necessary for the returns of positive developments that the Bitcoin price becomes supported above the EMA 5 and 20 again for the next few sessions.

If the Bitcoin price fails for the next few sessions in the attempts to stay above the EMA 5 the negative corrections will give their continuities down to below the $31,500 and $31,220.

Only with positive advances above $32,000 and $32,120 will the Bitcoin price return with its positive advances and attempts to break through the resistance that was once support at the $32,500 price area.

It follows the sellers forcing the Bitcoin price to the downside continuations below U$31,780 and below the LTA.

Resistances: U$ 32,002 // U$ 32,283 // U$ 32,488 // U$ 32,801.

Supports: U$ 31.799 // U$ 31.445 // U$ 31.111 // U$ 30.715.

https://www.tradingview.com/x/7MfuF7FC/

Dominance: 47.44 %.

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Nº 392