Bitcoin Price Evolution Analysis 08.03.2021

by CSM TRADER                                                                                                                

 Nº 403

BTC price U$ 38.652.  

Price USD/BRL R$ 5.17.

Price EUR/BRL R$ 6.15.

Price Gold 1g R$ 299.72. 

Good morning to all readers.

Bitcoin price follows me downtrend below the U$ 39,500 price area and below the EMA 100 (H1).

The Bitcoin price in past sessions failed to make the necessary advances upwards from the $40,000 price area and continued its negative corrections downwards from the $39,500, 39,000, 38,000 price areas and even testing the $37,919 price area.

Now at the time of writing, the Bitcoin price is still in the $38,580 price area, and continues to make more and more lower tops than before, i.e., it continues to have descending tops.

It will be necessary for the price of Bitcoin, a resumption of positive advances above the EMA 20, or even above $39,000 and with good consolidations above it, so that the price of Bitcoin does not continue its negative corrections below the price areas of $38,220 and $37,780 for the next sessions.

Possibilities of a break of U$37,500 could arise, and a break above U$37,000 will have to happen, in order not to continue the negative corrections towards U$36,500.

Only a good short-term advance above $39,500 for the Bitcoin price to break out of a risk area of further downside to below $38,220.

A daily close above the U$39,150 price area was made.

For today a close above the $38,500 price area would be important.

The weekly will have to close above $35,000.

Sellers continue to control the situation below the $39,000 price area.

Sellers continue to make it difficult for buyers to try to make a top close above the previous one, thus gaining space to continue the downside.

Buyers will have to stop sellers above the $38,000 price area, as below the $38,000 price area, sellers will gain more strength and go for $37,500 and $37,000.

Only with the positive advances of buyers above $39,000 and $39,500, will they be able to regain control of the situation and return to attempts to break through the $40,000 level.

Major Resistance areas - $39,220, $39,880 and $40,000.

Main Areas of Support - $38,500, $37,500 and $37,080.

H4 chart:

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

It will be important that the Bitcoin price remains supported above the 100 EMA when it touches it.

If the Bitcoin price manages to break above the 100 EMA, the downside corrections will continue below the $37,000 and $36,780 price areas.

The Bitcoin price needs to come back with its positive moves above the lost EMA 50 for further consolidations and attempts to continue the positive moves above $39,500 and $39,780.

Sellers remain in control of the situation and will try to break through the $38,000 level in the coming sessions.

The buyers in turn will have to try to stop the sellers above $38,000, as below this price area, the sellers will gain more strength, where a search in the $37,500 and $37,220 price areas will take place.

Follow the buyers in attempts to keep the Bitcoin price above the U$38,000 price area.

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

Resistances: U$ 38,840 // U$ 39,838 // U$ 40,660 // U$ 41,521.

Supports: U$ 37.921 // U$ 37.041 // U$ 35.808 // U$ 37.732.

https://www.tradingview.com/x/KrV4w4T0/

H1 chart:

Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.

The Bitcoin price would need the twists of consolidations and positive developments upwards from the U$38,780 and U$39,220 price areas and stay supported above the EMAs 5 and 20 in the near term.

It will be very important that the Bitcoin price stops its negative corrections above the U$38,000 price area, if not, the possibilities of continuities of negative corrections downwards from U$37,780 and U$37,500 could arise.

Bitcoin's price is forming more and more minor tops where they could go on negative corrections for the next few sessions, until LTA is broken and new consolidations will have to be made above it, for the possible returns of positive advances upwards from the U$39,500 and U$40,000 price areas.

Follow buyers in attempts to bar sellers above the U$38,320 price area, as below this price area sellers will give the downside sequences to below U$37,780 and U$37,500.

Resistances: U$ 38.747 // U$ 39.059 // U$ 39.308 // U$ 39.563.

Brackets: U$ 38.378 // U$ 38.110 // U$ 37.862 // U$ 37.492.

https://www.tradingview.com/x/bYc69r3R/

Dominance: 47.74 %.

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Nº 403