Bitcoin Price Evolution Analysis 08.10.2021

by CSM TRADER                                                                                                                

 Nº 447

BTC price U$ 55.390.  

USD/BRL price R$ 5.51.

Price EUR/BRL R$ 6.38.

Price Gold 1g R$ 311.66.

Good morning to all readers.

Bitcoin price is still in an uptrend above the U$53,000 price area and well above the 100 EMA (H1).

The Bitcoin price in the past sessions after the strong positive developments upwards from the price area of U$ 51,000 to U$ 56,418, entered consolidations between the price areas of U$ 53,500 and U$ 55,120.

Some sessions the price of Bitcoin returned with its continuities of positive developments managing to break through the price area of U$ 55,500 and still making a test in the price area of U$ 56,208.

Now at the time of writing the price of Bitcoin is still in the $55,479 price area.

The Bitcoin price needs to continue the positive developments upwards from the resistance of $55,500 and $55,880, so that new consolidations will be made above the price area of $56,120 and with that the new consolidations will be between the price areas of $56,200 and $56,780, or the Bitcoin price will send that bullish leg up to the price area of $57,360 and stabilize above $56,500.

The Bitcoin price is going for the U$58,000 price area for further consolidation so that it can enter the U$60,000 price area and go for the breakout; of course the Bitcoin price will have tops and bottoms in this endeavor.

It will be of utmost importance that the Bitcoin price continues its positive developments above the $54,220 price area or even above the EMA 20 and above the Ichimoku Cloud.

If the price of Bitcoin falls below the EMA 20, the downside corrections will enter the Ichimoku Cloud which could hinder positive developments above $55,000 again.

Only with continued new consolidations and positive developments above $54,120 will the price of Bitcoin not enter negative corrections below $53,500.

A Daily closing above the price area of $53,815 was made.

For today it would be important to have a Journal close above the U$55,500 price area.

Ideally, a close above the $56,000 price area would be important.

Buyers remain in control of the situation with the Bitcoin price and need to hold above the $54,500 price area for the next few sessions.

If the buyers lose the $54,000 price area to the sellers, the sellers will give the downside continuities below $53,780 and $53,220.

Buyers are watching the $58,000 price area in the near term for further consolidations to continue positive advances upwards to $60,000 and $62,000.

Main areas of Resistance - U$ 55,500, U$ 55,880 and U$ 56,220.

Major Support areas -         U$55,080,  U$54,780 and  U$54,120.

H4 chart :

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

The price of Bitcoin needs to continue consolidations above $54,500 in order to move positively above $55,880 and $56,000.

It will be necessary for the Bitcoin price to stabilize above $56,500 for further consolidations to be made, for further moves and attempts at positive advancements above $58,000 and $59,000.

If the Bitcoin price comes to correct negatively below the price areas of $55,000 and $54,500, the negative corrections will continue below $54,000 and $53,000 and even extend below $53,220.

Buyers continue their attempts for positive advances above $55,500 and $55,880, which will be of extreme importance for the coming sessions.

The chart in H4 will follow the whole week to have a parameter of the Bitcoin Price Evolution. Only some adjustments will be made.

Resistances: U$ 56.275 // U$ 57.271 // U$ 58.322 // U$ 59.212.

Supports:      U$ 55.223 // U$ 54.283 // U$ 53.480 // U$ 53.346.

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

H1 chart :

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

The Bitcoin price will have to hold above the 5 and 20 EMAs to give the conditions for the positive developments upwards from the U$55,500 and U$56,120 price areas.

It will be extremely important in the short term for the price of Bitcoin to break through the $55,500 and $55,880 price area.

Above U$ 56,120 it would be important for the Bitcoin price to stabilize for a few sessions for further more sustained positive moves above U$ 56,500 and U$ 56,880.

If the Bitcoin price were to fail on the positive advances upwards of U$55,880 and U$56,000 the negative corrections could vote downwards from U$55,220 and U$54,780.

Follow the buyers in attempts to continue the positive developments upwards of U$55,880 and U$56,120 and still keep the Bitcoin price above U$55,122.

Resistances: U$ 55,928 // U$ 56,429 // U$ 57,109 // U$ 57,870.

Supports:      U$ 55.364 // U$ 54.817 // U$ 54.296 // U$ 53.736.

https://www.tradingview.com/x/vVUuDnu6/

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Nº 447