Bitcoin Price Evolution Analysis 08.02.2021

by CSM TRADER                                                                                                                

 Nº 402

BTC price U$ 39.757.  

Price USD/BRL R$ 5.21.

Price EUR/BRL R$ 6.19.

Price Gold 1g R$ 300.00. 

Good morning to all readers.

Bitcoin price is still in a downtrend below the $40,500 price area and below the 100 EMA (H1).

The Bitcoin price this weekend 7/31 and 8/01/2021, had its consolidations for the attempted breakout of the strong resistance of U$42,500, but failed in the positive advances to give the continuities above it.

The price of Bitcoin even tested the price area of $42,615 and failed to continue the positive developments above $42,500, and with that came the negative corrections down to the price areas of $41,000, $40,000, $39,500 and testing the price area of $39,228.

Now at the time of writing the Bitcoin price is tracking in the U$39,720 price area.

It will be necessary for the Bitcoin price to return to positive advances above the U$40,000 and U$40,220 price area in the near term for the next few sessions, and still remain above U$40,000, so that further consolidations can be made for attempts at the U$40,500 breakout.

If the Bitcoin price should again fail to break through and make positive advances above $40,050, where there has already been a test a few sessions ago; the negative corrections could come back below $40,000 and $395.00 and go in search of a lower bottom than before in the $39,228 price area.

In the case mentioned above, the Bitcoin price needs to hold above the $38,500 support, in order not to give the continuities down to $38,220 and $38,000.

Only a good advance in the Bitcoin price above U$ 40,220 and with further consolidations above it for the attempts and success for the positive advances above the U$ 40,500 and U$ 40,780 price areas.

A daily close was made above the $39,840 price area.

A daily close above the $40,000 price area would be important today.

Buyers still remain in control of the situation above the $39,000 price area.

Buyers need in the near term to continue positive advances above the U$39,880 and U$40,120 price areas for the next few sessions, and still keep the Bitcoin price above U$40,000 with further consolidations for the U$40,500 breakout attempts.

If the buyers fail in the advances above U$40,000 or U$40,500, the sellers will come in heavier into control of the situation where they will want to take the Bitcoin price below the U$39,500 and U$38,880 price areas.

Buyers will have to bravely defend the $38,500 support, as below this, sellers will gain more strength and give the downside continuities below the $38,220 and $37,780 price areas.

Major Resistance areas - U$40,000, U$40,500 and U$41,000.

Major Support areas - U$39,500, U$38,780 and U$38,120.

H4 chart:

Bitcoin price follows below the 5 and 20 EMAs and inside the Ichimoku Cloud, however it still follows above the 50, 100 and 200 EMAs.

It will be of utmost importance that the Bitcoin price of its positive developments continue above the EMA 50 for the coming sessions.

If the Bitcoin price were to fail to make positive moves up the EMAs 5 and 20 or even above $40,500 and break above the Ichimoku Cloud, the negative corrections would continue below $39,500, and then the Bitcoin price could go below the EMA 50 and look for the EMA 100.

Only a good short-term advance above $40,220 will keep the Bitcoin price from touching the EMA 50, or even going below it.

Follow the buyers in attempts to try to defend the U$39,500 price area, for the next few sessions.

The chart in H4 will follow all week to have a parameter of the evolution of Bitcoin's price. Only some adjustments will be made.

Resistances: U$ 40,188 // U$ 40,877 // U$ 41,489 // U$ 42,285.

Supports: U$ 39,284 // U$ 38,263 // U$ 37,228 // U$ 36,194.

https://www.tradingview.com/x/4OQcMeBJ/

H1 chart:

Bitcoin price follows below the 5, 20, 100 and 50 EMAs and below the Ichimoku Cloud, however it follows above the 200 EMA.

The Bitcoin price needs to hold above the EMA 200 and return attempts of the positive advances above the EMA 5 of the $40,000 price area.

If the Bitcoin price were to weaken the odds of a new bottom below $39,220 could be formed.

Buyers are still trying to stop sellers above the $39,400 price area, and in doing so are forming a support base above $39,220.

It will be of utmost importance for buyers to try to return to positive developments above $40,000, in order not to lose control of the situation to sellers for the next few sessions.

Follow the buyers in the attempts to come back with the positive advances above U$39,660.

Resistances: U$ 39.708 // U$ 39.906 // U$ 40.078 // U$ 40.309.

Supports: U$39,396 // U$39,215 // U$38,996 // U$38,824.

https://www.tradingview.com/x/5JBAMPZ7/

Dominance: 48.02 %.

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Nº 402