Bitcoin Price Evolution Analysis 07.29.2021
by CSM TRADER
Nº 400
BTC price U$ 40.288.
Price USD/BRL R$ 5.11.
Price EUR/BRL R$ 6.07.
Price Gold 1g R$ 295.15.
Good morning to all readers.
Bitcoin price is still in an uptrend above the U$38,500 price area and the 100 EMA (H1).
Bitcoin price in the past sessions even tested the $40,896 price area, and failed again in the second attempt of the positive advances upwards to the $40,896 price area.
Another attempt was made where the Bitcoin price failed for the second time, and reached the price area of U$40,864, where came the negative corrections downwards from the U$39,000 price areas and reaching to test the U$38,751 price area, and getting supported above the EMA 50 (H1).
Then the Bitcoin price returned with its positive developments upwards from the U$39,000 and U$40,000 price areas again.
Now at the time of writing, the Bitcoin price is tracking in the U$40,090 price area and above the EMA 5 (H1).
It will be necessary for the Bitcoin price to provide the continuities of consolidations and positive developments above the U$39,780 and U$40,000 price area, and above EMAs 5 and 20 (H1).
If the Bitcoin price comes to give the continuities of the negative corrections below the EMAs 5 and 20 (H1), the negative corrections could extend below the U$39,500 and U$39,000 again, and go to test in the U$38,800 and U$38,500 price area.
The Bitcoin price needs to stay above the $40,000 price area and stay supported above the EMA 5 (H1) for the continuities and attempts of the breakout of the strong resistance of $40,500 to definitely happen, and continue with its positive developments for the attempts of positive advances upwards from the $40,780 and $40,920 price areas, and thus a breakout in the $41,000 and $41,220 price area may emerge, for the coming sessions.
It will be of utmost importance that the Bitcoin price makes a higher top than the previous 3 for the next sessions, i.e. above the price areas of U$ 40,896, U$ 40,682 and U$ 40,531, because if for the next sessions it stays below this last top of U$ 40. 531, the downside corrections could return to below U$40,000 and U$39,780, where a stop above U$39,000 will be important for the Bitcoin price not to continue the downside corrections below U$38,780 and U$38,500,
A daily close above the $39,879 price area was made.
For today a close above the $40,000 price area would be very important.
A close below the $39,400 price area could hinder the continuation of positive developments and attempts to break above the $40,000 price area.
Buyers remain in control of the situation and need to protect and stay above the 5 and 20 EMAs (H1) for the next few sessions.
If buyers fail to stay above the U$40,100 and U$39,800 price areas, sellers will take advantage and follow Bitcoin's price down below the U$39,500 and U$39,220 price areas.
Buyers will have to bar sellers above U$39,120 so that they don't have bigger problems with sellers below U$38,780.
Major Resistance areas - U$40,500, U$41,080 and U$41,680.
Major Support areas - U$40,000, U$39,780 and U$39,220.
H4 chart:
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
It will take Bitcoin's price of its positive developments continuing above the $40,000 and $40,380 price area to break out and stay above the Green Ichimoku Cloud.
If the price of Bitcoin enters the Ichimoku Cloud, the odds of it exiting below the Ichimoku Cloud are great, where downside corrections could go below $39,500 and $38,600.
Only with continued positive advances above $40,500 will the Bitcoin price extend its continuation of attempts to break through to $41,000 and $41,220.
Buyers need to protect the 5 EMA so that sellers cannot break through and continue their downside moves below $39,800.
Follow the buyers in the attempts of the positive evolutions above $40,220 and $40,320, which will be of extreme importance for the next sessions.
The chart in H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 40.830 // U$ 41.583 // U$ 42.626 // U$ 43.430.
Supports: U$ 39,907 // U$ 39,223 // U$ 38,641 // U$ 37,872.
https://www.tradingview.com/x/L1CheI5w/
H1 chart:
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
It will be necessary for the Bitcoin price to continue the positive developments above the price areas of $40,220 and $40,500, where it already has difficulties with these advances, for the next few sessions.
If the Bitcoin price fails in these positive advances above $40,500, the negative corrections could go below $40,000 and $39,780, where a stop above $39,500 will be mandatory so that the negative corrections do not continue below $39,000, and still go in search of a breakout at the bottom of $38,751.
Buyers continue to keep Bitcoin's price above the $40,000 price area and the EMAs 5 and 20.
Positive moves above the U$40,500 and U$40,780 price area will be of utmost importance for the next session.
If buyers fail to move above $40,500, sellers will take control of the situation and create the downside of the $40,000 and $39,780 price areas; and may still gain strength below $39,420.
Follow the buyers in their attempts to keep the Bitcoin price above the U$40,000 price area.
Resistances: U$ 40,279 // U$ 40,550 // U$ 40,894 // U$ 41,222.
Supports: U$ 39,999 // U$ 39,751 // U$ 39,471 // U$ 39,120.
https://www.tradingview.com/x/y2m70KH5/
Dominance: 49.86 %.
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Nº 400
