Bitcoin Price Evolution Analysis 07.23.2021

by CSM TRADER                                                                                                                

 nº396

BTC price U$ 32.389.  

USD/BRL R$ 5.20.

Price EUR/BRL R$ 6.12.

Price Gold 1g R$ 301.81. 

Good morning to all readers.

Bitcoin price continues in an uptrend above the U$ 31,600 price area and above the 100 EMA (H1).

The Bitcoin price in the past sessions managed good positive developments upwards from the price area of U$32,500 and U$32,880, and even testing the price area of U$32,930, where it failed to give its continuities upwards to U$33,000, and came the negative corrections downwards from the price areas of U$32,500 and arriving now just in the price area of U$32,200.

Now at the time of writing, the Bitcoin price follows in the U$32,408 price area, and needs to stay above the Ichimoku Cloud to give its continuities and attempts of the positive developments upwards of U$32,500 and U$32,660 for the coming sessions.

If the Bitcoin price fails in these positive advances above $32,500, the negative corrections could enter the Green Ichimoku Cloud, which would result in stronger negative corrections below the $32,200 and $31,780 price areas.

It will take for the Bitcoin price to climb out of the Ichimoku Cloud and still remain supported above the EMAs 5 and 20, for the next few sessions.

For the weekend the Bitcoin price needs to hold above the $32,000 price area and the 50 EMA, lest it have further downside corrections below these.

A daily close above the $32,268 price area has been made.

For today a daily close would be above the $32,660 price area.

Buyers remain in control of the situation where they continue to hold the Bitcoin price above the $32,100 price area.

It will take buyers a return of the breakout attempts at the $33,000 price area in order for them to break through to a new price level, and consolidate Bitcoin's price above it.

If buyers manage to move above $33,000 and $33,220, positive developments could provide the sequences for the $34,000 breakout attempts.

It will be extremely important for buyers to keep Bitcoin's price above the EMAs 5 and 20 for the next few sessions and still stay above the Ichimoku Cloud.

If the buyers fail to keep the Bitcoin price above the EMAs and above the Ichimoku Cloud, the sellers will come in heavy into control of the situation, where they will be able to push the Bitcoin price into the Ichimoku Cloud and create the downside to below it.

The sellers will be able to take the price of Bitcoin to much lower price areas, potentially extending below $31,800 and $31,660.

It will be necessary for buyers to make the necessary positive moves above $33,000 to get out of a downside risk area created by sellers below $32,000.

Major areas of Resistance - $32,500, $33,000 and $33,360.

Major Support areas - $32,200, $31,760 and $31,240.

H4 chart:

The Bitcoin price follows above the EMAs 50, 20 and 5, however it follows below the EMA 200 and still follows inside the Ichimoku Cloud.

It will be of utmost importance for the coming sessions that the Bitcoin price breaks out above the Ichimoku Cloud to continue the positive developments above $32,800 and $33,000.

If the Bitcoin price comes back below the 100 EMA, the negative corrections will continue below the $32,000 price area, where they could go for the 50 EMA or even the $31,880 price area.

Follow the buyers in attempts to keep the Bitcoin price above the EMA 100 or even above the $32,200 price area.

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$ 32,546 // U$ 32,974 // U$ 33,489 // U$ 33,829.

Supports: U$ 32,279 // U$ 32,040 // U$ 31,794 // U$ 31,536.

https://www.tradingview.com/x/hdg4ZZhd/

H1 chart:

Bitcoin price follows below the EMAs, however it follows above the Green Ichimoku Cloud.

It will be of utmost importance that the Bitcoin price gets supported above the EMAs 5 and 20 again for the next few sessions, to avoid entering negative corrections and entering the Ichimoku Cloud.

Only with positive advances above the 5 and 20 EMAs or even above $32,500 will the Bitcoin price break out of a risk area of possible negative corrections below $32,200.

Buyers are still having great difficulty with the positive advances above U$32,460 and are not getting the necessary advances to get supported above the EMAS 5 and 20, which will be of extreme importance for the next few sessions.

If sellers manage to create the downside below $32,200, the downside could still extend below $32,000 and $31,880.

Follow the buyers in their attempts to bar sellers above U$32,200.

Resistances: U$ 32,449 // U$ 32,622 // U$ 32,815 // U$ 33,018.

Supports: U$32,251 // U$32,044 // U$31,811 // U$31,539.

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

Dominance: 47.14 %.

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Nº 396