Bitcoin Price Evolution Analysis 07.19.2021

by CSM TRADER                                                                                                                

 nº392

BTC price U$ 31.290.  

USD/BRL price R$ 5.11.

Price EUR/BRL R$ 6.02.

Price Gold 1g R$ 396.82.

Good morning to all readers.

The Bitcoin price follows me downtrend at below the price area of U$ 32,000 and the EMA 100 (H1).

The Bitcoin price in the past sessions even tested the price area of $32,438 and got above the EMA 100 (H1), but could not stay supported above it, and came back with forces with the negative corrections downwards from the price areas of $32,000, $31,500 and even tested the price area of $31,074, where there was a recovery from the positive developments upwards from the price areas of $31,500 and $31,780.

Bitcoin price tried 2 times the breakout of the price area of U$ 32,000, but came to test the price area of U$ 31,900 and U$ 31,890, and thus forming a double top pattern where came the negative corrections again below the price area of U$ 31,500, where it follows until now.

Now at the time of writing, the Bitcoin price follows in the $31,229 price area and well below the 50 and 100 EMA (H1).

It will be necessary for the price of Bitcoin a return of consolidations and positive evolutions above the price area of $31,500, so that with the possible positive evolutions there will be continuities above $32,000, which at this moment in the short term is not so easy to happen.

If the Bitcoin price stays above the $31,000 price area for the next few sessions, the possibilities of advances above $31,500 could arise again.

On the other hand, if the Bitcoin price breaks through the U$31,000 price areas, negative corrections could extend below U$30,780 and U$30,660.

Only with positive advances above U$31,500 and U$31,660 can the Bitcoin price attempt to return to the U$32,000 price area, and it will have to remain supported above the EMA 100 (H1) for further consolidations to proceed above U$32,220 and U$32,500.

A daily close was made above the $31,720 price area.

For today a daily close above the $31,000 price area will be of extreme importance.

Only a daily close above $32,000, for the possible Bitcoin price moves above $32,500.

Sellers remain in full control of the situation with the Bitcoin price staying below the $32,000 price area.

Buyers need to come back with consolidations and positive moves above $31,500 for attempts to break through the $32,000 price area again, and will still have to keep the Bitcoin price above $32,220 to not lose control of the situation again.

Buyers need to bar sellers above the $31,000 price area.

If the buyers fail, the sellers will give the downside continuities below the $31,000 and $30,880 price areas.

As I have been writing all along, the chances of Bitcoin's price going to test in the U$28,600 price area for the 3rd time are quite large. And still extend below U$27,800.

Major areas of Resistance - U$31,500, U$32,000 and U$32,880.

Main Areas of Support - U$31,200, U$30,880 and U$30,760.

H4 chart:

Bitcoin price follows below the EMAs and below the Ichimoku Cloud, however still remains supported above the lower BB line.

Bitcoin price needs to stay above the lower BB line (light blue line) in order not to give the continuities of negative corrections below the LTA, where these negative corrections could extend below the $30,880 and $30,720 price areas.

Only with the positive advances above $31,500 and still strong consolidations above it, for the Bitcoin price to leave a risk area of the continuities of negative corrections below $31,100 and $31,000

Follow the buyers in attempts to hold the sellers above the $31,200 and $31,120 price areas.

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$ 31,654 // U$ 32,130 // U$ 32,444 // U$ 32,815.

Supports: U$ 31,255 // U$ 30,922 // U$ 30,522 // U$ 30,037.

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

H1 chart:

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

It will be necessary for the Bitcoin price to return with positive developments above the $31,500 price area for consolidations above it again, and thus, enabling the returns of breakout attempts in the $32,000 price area.

If the Bitcoin price fails to stay above the $31,380 and $31,500 price areas the negative corrections could give the continuities of attempts to break out of the $31,100 and $31,000 price area.

Sellers are forcing the downside below $31,200.

Buyers will have to defend the $31,200 and $31,100 price areas for the next few sessions.

If buyers fail, sellers will continue the downside down below $31,000.

It follows the buyers in the fight with the sellers to keep the Bitcoin price above the U$31,200 price area.

Resistances: U$ 31,382 // U$ 31,529 // U$ 31,690 // U$ 31,847.

Supports: U$31,154 // U$31,020 // U$30,845 // U$30,685.

https://www.tradingview.com/x/MVEyVMa4/

Dominance: 47.89 %.

" Those who try to see me down, first need to get out of their hole of greed and envy . " ------ CSM TRADER

Continue to follow my analysis also on Tradingview:

https://br.tradingview.com/chart/BTCUSDTPERP/gnRfkU22/

Make your free card with Bitcoin cashback, on spending from R$10. No need for partners.

By registering with the link you will earn more BTC on your purchases.

https://www.soualter.com.br/abra-sua-conta?c=CHRISTIAN14

Follow My Analysis on Twitter: https://twitter.com/CSM_Trader

Follow My Review on Flipboard: https://flipboard.com/@CSMTRADER007

Follow my review on publish0x: https://www.publish0x.com?a=nXe0RKLGbx

Nº 392