Bitcoin Price Evolution Analysis 07.28.2021

by CSM TRADER                                                                                                                

 nº399

BTC price U$ 40.250.  

Price USD/BRL R$ 5.16.

Price EUR/BRL R$ 6.10.

Price Gold 1g R$ 298.63. 

Good morning to all readers.

Bitcoin price is still in an uptrend above the U$38,500 price area and well above the EMA (H1).

The Bitcoin price has made a good base of support between the U$37,000 and U$38,000 price areas, and now follows in formation and consolidation between the U$39,460 and U$40,300 price areas.

In past sessions the Bitcoin price has continued its positive developments upwards from the U$38,500 and U$39,500 price areas, even testing the U$40,400 price area just now.

It will be necessary for the Bitcoin price to stay above the U$39,500 and U$38,800 price areas in the short term so as not to lose the good positive developments made so far above U$38,500.

If the Bitcoin price should fail to make positive advances above the strong resistance of $40,500 and $40,860, the negative corrections could come back below $40,000, $39,500 and $39,000, where a stop above $38,500 would be mandatory, so as not to extend below $37,500.

Only with the breakout of U$ 40,500, and with new consolidations above this price area, for the Bitcoin price to be able to continue the positive evolutions above U$ 41,360 and move on to possible tests at U$ 42,000, for the next sessions.

A good daily close was made above the U$39,420 price area.

For today it would be of extreme importance a daily close above the $39,780 price area.

Ideally, a close above the $40,220 price area would be ideal.

Buyers remain in control of the situation above the $37,000 price area and keep the Bitcoin price well above the 100 EMA (H1).

It will be necessary for buyers to provide the continuations of positive developments to a new price floor and further consolidations above the $41,000 price area and above the Ichimoku Cloud (H1).

If buyers fail to continue the positive moves above $40,500 and $41,120, sellers will come in strong to control the situation where they may want to create the downside below the $40,000, $39,500 and $38,500 price areas.

Buyers will have to bravely defend the price area of $38,220 and $38,000, as below these price areas sellers could go for the $37,500 breakout and extend the downside below $37,220.

Major Resistance areas - U$40,880, U$41,360 and U$41,800.

Major Support areas - U$39,200, U$38,500 and U$38,000.

H4 chart:

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

The price of Bitcoin is making good positive moves above the $39,500 and $40,000 price areas.

Just now the Bitcoin price has broken through the $40,500 price area.

It will be necessary for the Bitcoin price to continue its attempts to advance and stay above $40,500 for further consolidations to be made, and with that the possibilities of advances above $41,000 and $41,220 may arise.

If the Bitcoin price were to fail to make positive advances above $41,000, negative corrections could emerge, and go below $40,500 and $40,320, where a stop above $40,000 would be of utmost importance.

Buyers need to keep Bitcoin's price above the U$40,000 and U$39,780 price areas for the next few sessions.

If buyers do not get the necessary advances above the U$41,000, sellers will get into control of the situation where they may want to create the downside below the U$40,000 and U$39,780 price areas.

It will be of extreme importance for buyers to continue positive developments above $40,220 and protect this price area.

Follow the buyers in their attempts to keep the Bitcoin price above the $40,500 price area so that new consolidations can be made above it.

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$ 40.926 // U$ 41.446 // U$ 41.109 // U$ 42.446.

Supports: U$ 40.395 // U$ 39.920 // U$ 39.285 // U$ 38.783.

https://www.tradingview.com/x/M8uhwjM8/

H1 chart:

Bitcoin price is tracking above the EMAs, however it is still inside the Red Ichimoku Cloud.

The Bitcoin price needs to break out above the Ichimoku Cloud to give the continuations of the positive developments upwards from the price areas of $41,000 and $41,120.

With this exit above the Ichimoku Cloud the Bitcoin price will need to stay above the Ichimoku Cloud and begin further consolidations above $41,220 so that positive advances can evolve upwards from the breakout of $41,500 and $41,680 for the next few sessions where tests and weakening of the $42,000 price area may emerge.

If the Bitcoin price fails this exit above the Ichimoku Cloud in the near term, negative corrections could still emerge and go below $40,500 and thereby weakening positive advances in the near term.

Follow the buyers in attempts to keep the Bitcoin price above U$40,500, and an exit above the Ichimoku Cloud the short term will be of utmost importance.

Resistances: U$ 40,894 // U$ 41,396 // U$ 41,794 // U$ 42,168.

Supports: U$ 40.366 // U$ 39.903 // U$ 39.465 // U$ 39.079.

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

Dominance: 50.31 % (up well from past sessions)

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Nº 399