Bitcoin Price Evolution Analysis 07.27.2021

by CSM TRADER                                                                                                                

 nº398

BTC price U$ 37.480.  

USD/BRL price R$ 5.17.

Price EUR/BRL R$ 6.09.

Price Gold 1g R$ 299.92. 

Good morning to all readers.

Bitcoin price is still in an uptrend above the $35,500 price area and above the 100 EMA (H1).

The Bitcoin price in the past sessions managed good positive moves upwards from the U$38,500, U$39,000, U$39,500 price areas and even testing the U$40,580 price area.

After this test of the U$40,580 price area, the Bitcoin price failed to hold above the U$39,500 price area and began strong negative corrections downward from the U$38,000, U$37,000, and U$36,500 price areas, and even testing the U$36,365 price area; it returned to support and consolidations above support formed in the U$37,000 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$37,540 price area.

The Bitcoin price needs to continue the positive developments upwards from the U$37,320 and U$37,500 price areas so that attempts at a new breakout at the U$38,000 price area can emerge for the next few sessions.

Once this breakout of the $38,000 level is done, the Bitcoin price will need new consolidations above $38,220 to form a good support before starting a new attack of the positive developments above $39,000, if the negative corrections come, the attempt would be to stop above $38,000.

If the Bitcoin price were to fail on these positive moves above $38,000 and $39,000, the downside corrections could retest the $37,500 and $37,220 price area, where a break below $37,000 could take the Bitcoin price below the $36,500 and $36,000 price areas.

Only with good positive moves above U$38,000, for the Bitcoin price to break out of a risk area of continued negative corrections below U$37,000.

A daily close above the $37,220 price area was made.

A daily close above the $38,560 price area would be important for today.

Buyers remain in control of the situation where they need to continue the positive developments above the $38,000 and $38,320 price area for the next few sessions.

If buyers fail in the short-term with positive moves above $38,000, sellers could take advantage and create downside moves back below $37,500 and $37,200.

Buyers will have to defend the $37,000 price area at all costs, as below the $37,000 price area, sellers will gain more strength where they can continue the downside below $36,880 and $36,560.

Major areas of Resistance - $38,000, $38,880 and $39,500.

Main Areas of Support - $37,000, $36,500 and $36,000.

H4 chart:

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

It will be necessary for the Bitcoin price to hold above the EMA 5 for the next few sessions to return to attempts at the breakout of the $38,000 price area.

If the Bitcoin price achieves these positive moves above $38,000 and $38,320, it will need to remain in consolidations for the formation of good support and continue the positive moves above $39,000 and $40,000.

If the Bitcoin price fails to make these positive moves above $38,000, the negative corrections could this time go below $37,220 and $36,880.

Buyers continue to fight with sellers for attempts at positive moves above $38,000.

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$ 37,827 // U$ 38,952 // U$ 40,234 // U$ 41,484.

Supports: U$ 36,952 // U$ 35,826 // U$ 34,669 // U$ 33,169.

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

H1 chart:

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

Bitcoin price needs to continue positive developments upwards from the U$37,780 and U$38,000 price areas in the near term.

Above the $38,000 price area, the Bitcoin price needs to build a well-done support base so that when the downward corrections come, it does not correct back below $38,000 and thus lose all the positive developments made above $37,500.

If in the short term the Bitcoin price fails in the positive advances above $38,000, the negative corrections could come back below $37,500 and $37,220.

Follow the buyers in attempts to give the positive developments continuities to above U$ 37,600 and U$ 37,760.

Resistances: U$ 37.695 // U$ 38.132 // U$ 38.485 // U$ 38.876.

Supports: U$ 37,378 // U$ 37,025 // U$ 36,653 // U$ 36,309.

https://www.tradingview.com/x/2aI2lHr9/

Dominance: 49.23 %

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Nº 398