Bitcoin Price Evolution Analysis 07.20.2021

by CSM TRADER                                                                                                                 

 nº393

BTC price U$ 29.638.  

USD/BRL price R$ 5.25.

Price EUR/BRL R$ 6.19.

Price Gold 1g R$ 301.98.

Good morning to all readers.

Bitcoin price follows me downtrend below the price area of U$ 31,500 and below the EMA 100 (H1).

Bitcoin price in the past sessions failed to make positive advances upwards from the U$30,200 price area, and gave continuities of negative corrections downwards from the U$30,000 price area.

Breaking through the $30,000 support, the Bitcoin price even tested the $29,250 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$29,580 price area.

It would take a good advance in the price of Bitcoin above the U$30,220 and U$30,360 price area, for the possibilities of a rebound above U$31,500, to occur.

If the Bitcoin price does not proceed above $30,000 and still enters strong consolidations above $30,220, the downward corrections below $29,800 will remain and go for the 3rd test in the $28,600 price area.

Once this test at $28,600 is done; if the Bitcoin price breaks this price area the downside corrections will move towards much lower price areas, where tests at $27,780 could arise and still extend below the $27,220 and $26,880 price areas.

Only a good breakthrough above the $30,500 price area will allow the Bitcoin price to break out of the continued downward corrections below $29,500.

The possibilities of continued negative corrections below $29,500 are much greater than the possibilities of a return to positive developments above $30,500 and $31,500.

And there are still the CME GAP's to be closed between the price areas of $26,100 and $24,500 and $19,055 and $18,745.

A daily close has been made above the $30,700 price area.

For today a good close to slow the downward corrections would be above $30,000.

Sellers remain in control of the situation and want to take Bitcoin's price to test in the $28,600 price area.

Sellers are eyeing a break of $28,600 to continue the downside down to below $27,500 and $26,800.

Only with good positive moves by buyers above $30,500 and $31,220 in the near term will they be able to break out of a risk area of further downside created by sellers below $30,000.

Major Resistance areas - U$30,000, U$31,660 and U$32,120.

Major Support areas - U$29,500, U$28,780 and U$28,000.

H4 chart:

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

It will take for the Bitcoin price a good advance above the EMA 5 or even above $30,500 for the possibilities of positive developments to return.

If the Bitcoin price fails to make the positive advances above $30,120, the negative corrections will give the continuities below $29,800.

It would be necessary for the Bitcoin price to create solid support bases with its positive moves above $29,500, so as not to be vulnerable to continued negative corrections below $29,500 and $29,000.

Buyers need to stop sellers above the $29,500 price area so as not to have major problems with the continuity of the downside created by sellers below $29,220.

Follow the buyers as they attempt positive moves above $29,800.

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$ 29,992 // U$ 30,372 // U$ 30,869 // U$ 31,405.

Supports: U$29,491 // U$29,080 // U$28,678 // U$28,324.

https://www.tradingview.com/x/VfO1rp9v/

H1 chart:

Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.

Bitcoin price needs to return with positive developments upwards from the $30,000 and $30,320 price areas for the next few sessions to get out of a risk area of continued negative corrections to below $29,500 and $29,360.

Sellers continue to make it difficult for buyers to make positive moves above $29,880.

Buyers need to try to keep Bitcoin's price above the $29,500 price area.

Sellers are looking for the test or even the breakout at the $28,600 price area.

Follow the buyers in attempts to regain control of the situation above the U$30,000 price area, which will not be easy at all.

Resistances: U$ 29,802 // U$ 30,070 // U$ 30,362 // U$ 30,689.

Supports: U$29,510 // U$29,253 // U$29,002 // U$28,757.

https://www.tradingview.com/x/xwoiHk3L/

Dominance: 48.47 %.

" A truce in a war serves only to strengthen the enemy." ----

-- Sun Tzu

Continue to follow my analysis also on Tradingview:

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

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 393