Bitcoin Price Evolution Analysis 08.04.2021

by CSM TRADER                                                                                                                 

 nº329

 BTC price U$ 56.550.  

BTC price at Braziliex R$ 323.799.

USD/BRL price R$ 5.61. 

Price EUR/BRL BRL 6.66.

Price Gold 1g R$ 312.57.

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$57,500 price area and the 100 EMA (H4).

The Bitcoin price a few sessions ago even tested the $55,472 price area.

There has been a recovery of positive developments above the last bottom formed at U$55,472, where the Bitcoin price has found the difficulties to advance above the U$57,500 price area, making a test in the U$57,334 price area.

It will not be easy for the Bitcoin price this breakout in the U$57,500 price area, where it will find a lot of selling in this area.

Now at the time of writing, the Bitcoin price is continuing in negative corrections after failing to breakthrough above U$57,334; where it is now in the U$56,559 price area.

It would be important for the Bitcoin price to break out of the $57,500 price area and make further consolidations above this price area for possible positive developments above $58,000 and $58,340.

If the Bitcoin price fails again in the attempts to move above $57,400 and $57,550, the negative corrections could be larger, where they could extend below the last bottom formed at $55,472, and below $55,000 and $54,740.

In the case mentioned above, the Bitcoin price could still continue these negative corrections below the $55,000 price area.

Only a good, strong, and consolidated positive advance above $57,220, and even staying above this price area for several sessions, will allow the Bitcoin price to resume its sequence of positive advances above $58,000.

A daily close was made below the $56,000 price area.

For today a good daily close would be above the $56,780 price area.

The ideal would be above $57,120.

Sellers remain in full control of the situation below the $58,000 price area.

Sellers are looking to create the downside below the last bottom they formed, at the $55,472 price area.

If sellers manage to break through this $55,400 price area, the downside they have created will continue where they can extend this downside below the $55,000 and $54,600 price areas.

Sellers are eyeing the $53,500 and $52,800 price areas.

For buyers, it remains to block this sellers' move below $56,000 and $55,500, as below this price area, sellers will gain more strength.

Only a strong buyers' advance in the short term, above the EMA 50 (H1), and they will still have to sustain above it, for consolidations to occur, and with that, the possibilities of positive advances above $57,340 could arise.

Bitcoin TODAY at Braziliex: H1

The Bitcoin price today at Braziliex, continues in a downtrend below the R$328,000 price area.

The Bitcoin price at Braziliex failed to continue positive developments above the R$ 325,600 price area, and with that, came the negative corrections where they even tested the R$ 315,001 price area.

Now at the time of writing, the Bitcoin price on Braziliex is tracking in the R$ 321,000 price area.

It will be important that the Bitcoin price on Braziliex continues its consolidations and positive developments to above the R$ 318,600 price area, because below this price area the negative corrections could extend below this last formed bottom, in the price area of R$ 315,001 and going on to test price areas below R$ 312,500.

Sellers on the Braziliex remain in control of the situation below the R$330,000 price area.

Buyers at Braziliex will have to keep the Bitcoin price above the R$318,000 and R$320,000 price areas for the next few sessions to prevent sellers from continuing the downside below these price areas.

Only a good, consolidated positive move by buyers above the R$336,000 to begin to move out of a risk area of further downside created by sellers below the R$318,600.

Follow the buyers on Braziliex, in an attempt to bar sellers above the R$ 320,000.

Resistances: R$ 323,848 // R$ 326,196 // R$ 328,029 // R$ 329,432. 

Supports: R$ 320,886 // R$ 319,044 // R$ 317,641 // R$ 315,799.

https://www.tradingview.com/x/I4WZL5yK

H4 chart:

Bitcoin price follows below the 5, 100, 20 and 50 EMAs and below the BB centerline, however it still remains sustained above the 200 EMA.

Bitcoin price needs continuities of consolidations above the EMA 200, because if Bitcoin price manages to break the EMA 200, downside corrections will appear below the $55,500 and $55,000 price areas.

Buyers need to keep the Bitcoin price above the EMA 200 and by doing so will take it higher.

It will be important for buyers to get the moves above the $57,000 price area and hold with consolidations above $57,220 for the next few sessions.

Buyers continue to attempt to form good support in the price areas of $55,800 and $55,500, and with that consolidations are being made above these price areas.

If sellers manage to break through the $55,500 support again, the downside created by sellers will appear below the $55,000 and $54,780 price areas.

Buyers will follow in an attempt to stop sellers above the $56,400 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$ 56,851 // U$ 57,294 // U$ 57,726 // U$ 58,272.

Supports: U$ 56.361 // U$ 55.838 // U$ 55.372 // U$ 54.754.

https://www.tradingview.com/x/L0aORiz4/

H1 Chart:

Bitcoin price follows below the EMAs and below the Ichimoku Cloud.

The price of Bitcoin follows negative corrections below the $57,000 price area.

Bitcoin price for the next few sessions would need positive developments and still hold above $57,120 for further consolidations above $57,000, and with that, supports will rise for attempts to keep Bitcoin price above $56,780 and possibilities for positive advances above $57,400 could arise.

Buyers are struggling to keep the Bitcoin price above the U$56,700 price area.

If buyers continue to fail with these attempts at advancing above $57,000, sellers who are already in control of the situation could give the downside sequence below $56,220 and still go for a new breakout at the $55,500 price area.

Follow the buyers in an attempt to bar the sellers above the U$56,500 area and price in the short term.

Resistances: U$ 56.774 // U$ 56.999 // U$ 57.237 // U$ 57.494.

Supports: U$ 56,424 // U$ 56,086 // U$ 55,836 // U$ 55,523.

https://www.tradingview.com/x/cl2bJz3i/

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 42 level and with a bullish bias.

https://www.tradingview.com/x/adGvPry6/

MACD: The MACD on BTC's chart time is at the negative -492 level and with a bearish bias.

https://www.tradingview.com/x/BCi5TnaE/

OBV: The OBV on BTC's H1 chart time is at the 2.11 level and has a bearish bias.

https://www.tradingview.com/x/nsLKc4KC/

M5 chart:

Bitcoin price is tracking below the BB centerline, below the VWAP and well below the Ichimoku Cloud.

Bitcoin price needs positive advances above $57,000 in the near term to invalidate a continuation of further negative corrections below $56,000.

These downside corrections if they break through the $56,000 support, could go for a further break through the $55,500 price area, where below this price area, conditions for testing below the $54,800 price area will be favorable for sellers.

https://www.tradingview.com/x/opHs063U/

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nº329