Bitcoin Price Evolution Analysis 08.04.2021
by CSM TRADER
Nº 404
BTC price U$ 38.180.
Price USD/BRL R$ 5.19.
Price EUR/BRL R$ 6.16.
Price Gold 1g R$ 305.16.
Good morning to all readers.
The Bitcoin price is still in a downtrend below the $39,000 price area and the 100 EMA (H1).
The Bitcoin price in past sessions failed to advance above the $38,650 price area and continued its negative corrections downwards from the $38,000 and $37,500 price areas, even testing the $37,498 price area.
Now at the time of writing, the price of Bitcoin continues in the price area of U$38,190, and tries the positive developments upwards from the price area of U$38,220 and U$38,320.
It would be of utmost importance that the Bitcoin price manages to close a candle above the U$38,320 price area for the next few sessions, where with that, the attempts of a breakout of the U$38,500 and the continuities of the positive evolutions for the attempts of a breakout of the U$39,000 could arise.
If the Bitcoin price fails again to break through to the $38,330 and $38,500 price levels, the negative corrections will move back down to the $38,120 and $37,780 price areas, where a search for the $37,080 price area could emerge, and even extend below $36,880.
Only with good and strong positive advances and with the continuities of consolidations above U$ 38,780, for the Bitcoin price to attempt the breakout of U$ 39,000, and still give the continuities above U$ 39,220.
A daily close was made above the $38,201 price area.
For today, a daily close above the $38,000 price area will be of extreme importance.
Ideally, a close above the $39,000 price area would be ideal.
Sellers still remain in control of the situation and continue to make it difficult for buyers to attempt positive moves above the $38,320 and $38,500 price areas.
Only positive advances by buyers above the $39,500 price area are needed to break out of a risk area of continued sellers' disadvantages below the $38,000 price area.
Major Resistance areas - U$39,500, U$39,880 and U$39,220.
Major Support areas - U$38,000, U$37,780 and U$37,120.
H4 chart:
Bitcoin price follows above the 200, 100 EMAs and slightly above the 5 EMA, however it follows below the 50 and 20 EMAs and below the Ichimoku Cloud.
The price of Bitcoin needs to continue the positive consolidation moves above the EMA 5 for the next few sessions.
If the Bitcoin price manages to stay above the EMA 5 or even above $38,500, continuities of positive developments could emerge for attempts to break through to $39,000.
On the other hand, if the Bitcoin price fails to make these positive advances above $38,500 and $38,880, continuities of negative corrections could come back below $38,220 and $38,000, and even extend below $37,780 again.
It follows the buyers in the fight with the sellers to try to keep the Bitcoin price above the $38,120 price area.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.
Resistances: U$ 38,459 // U$ 39,051 // U$ 39,506 // U$ 40,052.
Supports: U$ 38,118 // U$ 37,526 // U$ 36,843 // U$ 36,172.
https://www.tradingview.com/x/kGx4aFY5/
H1 chart:
Bitcoin price follows above the 5 and 20 EMAs, however it follows below the 50, 200 and 100 EMAs and below the Ichimoku Cloud.
The Bitcoin price needs the continuities of the positive developments and still remain in consolidations above the 5 and 20 EMA for the next few sessions, where with that the possibilities of a breakout test or even a breakout of the $39,000 could arise.
If the Bitcoin price fails in these advances above U$39,000, the negative corrections could come back below U$38,500 and U$38,000.
Follow the buyers in their attempts at the positive advances above U$39,500.
Resistances: U$ 38.474 // U$ 38.716 // U$ 38.950 // U$ 39.155.
Supports: U$ 38.247 // U$ 38.044 // U$ 37.822 // U$ 37.580.
https://www.tradingview.com/x/EmDfz82u/
Dominance: 47.64 %
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Nº 404
