Bitcoin Price Evolution Analysis 07.30.2021
by CSM TRADER
BTC price U$ 38.780.
Price USD/BRL R$ 5.08.
Price EUR/BRL R$ 6.04.
Price Gold 1g R$ 298.26.
Good morning to all readers.
Bitcoin price is still in a downtrend below the U$39,500 price area, however it still remains supported above the 100 EMA (H1), now at the time of writing.
The Bitcoin price in the past sessions tried 3 times to break through the $40,500 price area, but came to fail and with that, went into negative corrections below the $40,000, $39,000 and $38,500 price areas, even testing just now the $38,319 price area.
Now at the time of writing the Bitcoin price is still in the U$38,760 price area, and still supported above the EMA 100 (H1), where there have already been 3 breakout tests of it.
The Bitcoin price needs to remain supported above the EMA 100 (H1) so that it does not continue its negative corrections downwards from the price areas of $38,500, $38,000, and $37,780 for the next few sessions.
It would be necessary for the Bitcoin price to return to positive developments above $39,000, and still return with consolidations above the EMA 5, which at this time does not seem likely to occur.
Only advances and consolidations above the EMA 100 (H1) for the Bitcoin price to return with its positive evolutions above U$39,000 and U$39,220.
A daily close above the U$40,000 price area was made.
For today a daily close above the $38,500 price area would be important.
Buyers are losing control of the situation below the $39,500 price area.
If buyers cannot defend the U$38,500 price area or even keep the Bitcoin price above the 100 EMA (H1), sellers will give the downside continuities below the U$38,500, U$38,000 and U$37,780 price areas.
Major Resistance areas - U$39,000, U$39,680 and U$40,000.
Major Support areas - U$38,500, U$37,780 and U$37,120.
Bitcoin price is tracking above the 50, 100 and 200 EMAs, however it is still below the 5 and 20 EMAs and almost exiting below the Ichimoku Cloud.
Yesterday in my Analysis I wrote that if the Bitcoin price didn't rise and stay above the Green Ichimoku Cloud, it could enter the Cloud and correct to an exit below it, and that's what happened.
The Bitcoin price now at the time of writing is very close to breaking out below the Ichimoku Cloud, where an exit below the Ichimoku Cloud could lead to continued downward corrections below the $38,500 and $38,000 price areas, where a search for the EMA 50 will occur.
Follow the buyers in their attempts to move the Bitcoin price above the $39,000 price area and thereby defend or even delay a sellers' search for the EMA 50.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only some adjustments will be made.
Resistances: U$ 39.415 // U$ 40.206 // U$ 40.887 // U$ 41.473.
Supports: U$ 38,706 // U$ 38,093 // U$ 37,386 // U$ 36,757.
Bitcoin's price follows above the 200 and 100 EMAs, however it follows below the 20, 50 and 5 EMAs and below the Ichimoku Cloud.
The Bitcoin price will have to stick with its consolidations above the 100 EMA for the next few sessions, and give the continuities of the positive developments for positive advancement attempts above the $39,000 and $39,220 price areas.
If the Bitcoin price fails in the continuities of the positive developments upwards from the U$39,000, the negative corrections could move back below the U$38,500 price areas, and with that, go below EMA 100 where the negative corrections could extend below the U$38,000 and U$37,780.
Only the scaling below the Ichimoku Cloud for the Bitcoin price to achieve the continuities of the positive evolutions above $39,000 and $39,500.
It follows the buyers trying to keep the Bitcoin price above the EMA 100.
Resistances: U$ 38.873 // U$ 39.037 // U$ 39.217 // U$ 39.417.
Supports: U$ 38,657 // U$ 38,474 // U$ 38,290 // U$ 38,065.
Dominance: 49.29 %
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