Bitcoin Price Evolution Analysis 08.05.2021

by CSM TRADER                                                                                                                

 Nº 405

BTC price U$ 37.950.  

Price USD/BRL R$ 5.17.

Price EUR/BRL R$ 6.12.

Price Gold 1g R$ 303.17. 

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$39,000 price area and below the 100 EMA (H1).

The Bitcoin price in the past sessions has managed good moves above the $38,000 and $39,500 price areas, even testing the $39,975 price area, but has failed to continue positive moves above $40,000.

The Bitcoin price on these positive developments did not make any major support base, and with that the negative corrections came down again from the U$39,000 and U$38,000 price areas and just now testing the U$37,809 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$38,029 price area.

It will be extremely important that the Bitcoin price stays above the U$37,500 price area and consolidates above this price area where a bottom has already been made.

If the Bitcoin price does not move forward positively with base building and consolidations above U$38,500, the downside corrections will move back below U$37,500 and continue below the U$37,220 and U$36,780 price areas, where it could still go forehead to the U$35,500 and U$34,880 price area.

On the other hand, if the Bitcoin price manages to stay above the U$37,500 and U$38,000 price area, positive developments could vote upwards from the U$38,500 and U$39,500 price areas and still go into the laps of the U$40,000 breakout attempts.

Only with good base constructions above $38,000 and $39,000, for the Bitcoin price not to give it all back again and still be able to go below the $37,000 price areas.

A daily close was made above the $39,730 price area.

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

Sellers have regained control of the situation as buyers have failed to continue the positive moves above $40,000.

Sellers will continue to make it difficult for buyers to move above the $38,500 and $39,000 price areas.

Only with good consolidations and base building above $38,000 and $39,000 will buyers be able to break through the $40,000 price area.

Major Resistance areas - U$38,500, U$39,220 and U$40,000.

Major Support areas - U$38,000, U$37,500 and U$36,500.

H4 chart:

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

The Bitcoin price needs to hold above the 100 EMA in order not to have the continuities of negative corrections up to the 200 EMA or even the $36,500 price area.

It will be necessary for the Bitcoin price to maintain base building above the $37,500 and $38,000 price areas so that it can make a nice, consolidated positive advance above $39,000 and $39,780 for the attempted breakout of $40,000.

Buyers continue in attempts to keep the Bitcoin price above the $38,000 price area and it will be of utmost importance that they keep the Bitcoin price supported above the 100 EMA.

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

Resistances: U$ 38,452 // U$ 39,154 // U$ 39,911 // U$ 40,532.

Supports: U$ 37,750 // U$ 37,115 // U$ 36,372 // U$ 35,053.

https://www.tradingview.com/x/qNEwajX1/

H1 chart:

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

Bitcoin price needs to hold above the $37,500 price area for the next few sessions, and still make the support base constructions above it so that downside corrections do not give continuities to below the $37,220 and $37,000 price areas.

If the price of Bitcoin manages to stay above the price area of $37,500 and $38,000, the positive developments could return to above $38,500 and $39,000.

Follow the buyers in their attempts to evolve the Bitcoin price above U$ 38,220 and ina will have to keep the Bitcoin price above U$ 38,000, to not have major disadvantages created by sellers to below U$ 37,500 and U$ 37,000.

Resistances: U$ 38,125 // U$ 38,496 // U$ 38,740 // U$ 39,164.

Supports: U$ 37,811 // U$ 37,521 // U$ 37,242 // U$ 36,998.

https://www.tradingview.com/x/5thLZiX7/

Dominance: 46.48

" There has never been a great intelligence without a vein of madness. " ----- Aristotle

Keep following my analysis on Tradingview as well:

https://br.tradingview.com/chart/BTCUSDTPERP/J5XcgbQX/

Make your free card with Bitcoin cashback, on spending from R$10. Without the need for partners.

By registering with the link you will earn more BTC on your purchases.

https://www.soualter.com.br/abra-sua-conta?c=CHRISTIAN14

Follow My Analysis on Twitter: https://twitter.com/CSM_Trader

Follow My Review on Flipboard: https://flipboard.com/@CSMTRADER007

Follow my review on publish0x: https://www.publish0x.com?a=nXe0RKLGbx

Nº 405