Bitcoin Price Evolution Analysis 08.06.2021

by CSM TRADER                                                                                                                

 Nº 406

BTC price U$ 40.622.  

Price USD/BRL R$ 5.24.

Price EUR/BRL R$ 6.19.

Price Gold 1g R$ 298.48. 

Good morning to all readers.

Bitcoin price is still in an uptrend above the $39,500 price area and above the 100 EMA (H1).

The Bitcoin price in the past sessions after testing the $37,290 price area and price, returned with its positive developments upwards to the $38,000, $39,000, $40,000, $41,000 price areas and even testing the $41,354 price area.

Bitcoin's price corrected up to the U$39,851 price area, and returned to the attempted breakout of U$41,354, but this time it only reached testing area of U$41,220.

This evolution of Bitcoin in my view, is not so healthy, because if you notice on the chart the price of Bitcoin has evolved very fast and without making bases of supports in the course of its positive evolution, which could entail the return of the negative corrections to below the price areas of U$ 40,000 and U$ 39,500.

Now at the time of writing, the Bitcoin price is tracking in the U$40,600 price area.

The Bitcoin price needs to hold above the U$40,000 price area, where it has made a good base of support.

If the Bitcoin price were to correct below the $40,000 price area, it would need to stay supported above the 100 EMA (H1), as below it the downside corrections could give continuities below the $39,500, $39,000 and $38,680 price areas, where a move below the thinner part of the Ichimoku Cloud could occur.

On the other hand, if the Bitcoin price stays above the $40,500 and $40,220 price area, the possibilities of the tentative turns of positive developments upwards from the $40,880 and $41,120 price areas could arise.

If the Bitcoin price succeeds in breaking through the price areas of $41,500 and $41,780, the possibilities of breakout attempts into the $42,500 price area will arise.

Only continued consolidations and positive advances above $40,120 for the Bitcoin price to continue its bullish run above $42,000.

A daily close above the $40,800 price area was made.

For today, a daily close above the $40,220 price area would be important.

Ideally, a daily close above the $41,000 price area would be important.

Buyers remain in control of the situation above the $39,500 price area and above the 1000 EMA (H1).

Buyers have made a nice positive move above the $40,000 and $41,000 price area, but have failed to make the continuations above $41,500.

Buyers need to follow through with consolidations and positive moves above the $40,000 price area, for the return attempts first at $41,000 and then the breakout attempts at $41,400.

If buyers have already failed to continue the positive developments above the $41,000 price area, sellers will come in heavy into control of the situations where they have begun to create the downside below the $40,500, and $40,000 price areas.

Major Resistance areas - U$40,880, U$41,380, and U$41,780.

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

H4 chart:

Bitcoin price is tracking above the EMAs, but remains below the Ichimoku Cloud.

The price of Bitcoin needs to remain above the EMA 5 for the next few sessions if it is not to correct below the $40,000 and $39,500 price areas.

Follow the buyers in their attempts to keep the Bitcoin price above the $40,120 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$ 40,885 // U$ 41,362 // U$ 41,907 // U$ 42,560.

Supports: U$ 40,245 // U$ 39,837 // U$ 39,319 // U$ 38,693.

https://www.tradingview.com/x/92QU4jCJ/

H1 chart:

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

Bitcoin price needs the continuities of the positive developments above $40,000 and $40,500 for the next few sessions for the breakout attempts at the $41,500 and $42,000 price area.

If the Bitcoin price fails to continue consolidations and positive evolutions above $41,000 and $41,120 the negative corrections could come back below $40,500 and $40,000.

Follow the buyers in their attempts to evolve the Bitcoin price above U$ 41,000.

Resistances: U$ 40,899 // U$ 41,220 // U$ 41,599 // U$ 42,078.

Supports: U$40,455 // U$39,822 // U$39,335 // U$38,783.

https://www.tradingview.com/x/rVa8Hp0N/

Dominance: 40.80

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Nº 406