Bitcoin Price Evolution Analysis 08.11.2021

by CSM TRADER                                                                                                                

 Nº 460

BTC price U$ 66.080.  

Price USD/BRL R$ 5.54.

Price EUR/BRL R$ 6.40.

Price Gold 1g R$ 322.56.

Good morning to all readers.

The digital asset marketplace Bakkt announced on Friday 05.11.2021, that users and partners will soon be able to buy, sell and hold ETH. Users will also be able to send ETH to family and friends through their app. Institutional customers can also choose Bakkt Warehouse for custody of ETH.  The platform is adding ETH to Bitcoin, which it already offers. With these two currencies, its users will have access to two cryptocurrencies that represent more than half of the total market value of all cryptocurrencies. The company, however, did not give a specific date for when the ETH offering will be available to its users.  The US company also offers several other crypto services. They include a monthly Bitcoin futures contract, crypto payments with a Visa debit card, as well as a Bakkt card with Apple or Google Pay. The company partnered with Google in October to allow users to spend their crypto with the Bakkt Visa debit card at all merchants that use Google Pay. It is also using Google Cloud to create new analytics with artificial intelligence, machine learning and geolocation. The partnership with Mastercard has allowed the institutions to offer a broad set of cryptocurrency solutions and services to customers. This partnership has resulted in Bakkt's stock jumping to over U$25 per share.

Bitcoin's price follows in an uptrend and well above the 100 (H1) EMA, quoted at this time of writing in the U$62,580 price area.

The Bitcoin price in past sessions has even tested the price area of U$60,100, and evolved positively upwards to U$61,600 making a higher bottom than its predecessors in the price areas of U$59,400 and U$57,550; and gave the continuities of the positive evolutions upwards to U$62,000, U$63,000, U$64,000, U$65,00 and even testing the price area of U$66,499.

Now at the time of writing the price of Bitcoin the price of Bitcoin is tracking in the U$66,000 price area.

The Bitcoin price will have to continue consolidations and positive developments above the EMA 20 (H1) or even above the $64,500 price area in order not to have the negative corrections turn downwards from the $63,000 price area and go for the EMA 100 (H1).

If the Bitcoin price settles for the next few sessions above the EMA 20 and 5 (H1), the continuities of the positive developments could move above the price areas of $66,500 and $67,220, and with that making another new ATH.

Only with consolidations and staying above the U$ 65,000 price area for the Bitcoin price to move towards the new ATH for the next few sessions, which could possibly be today still this achievement.

A Daily close was made above the U$63,300 price area.

For today it will be of utmost importance to close the Journal above the $65,500 price area.

Ideally, a close above the $66,500 price area will be ideal.

Buyers remain in control of the situation and need to keep the Bitcoin price above the $65,000 price area and above the EMA 20 (H1) for the next few sessions.

If buyers lose the $65,000 price area to sellers, buyers will continue the downward corrections below the $64,500 and $64,220 price areas and may extend these downward corrections below the $64,000 and $63,680 price areas.

Only with consolidations and keeping the Bitcoin price above the Ichimoku Cloud Conversion Line (H1) (blue line) where it is already being tested for breakout attempts below it, for buyers not to lose control of the situation to sellers.

Major Resistance areas - U$ 66.500 U$ 67.000 and U$ 67.480.

Major Support areas -     U$ 65.500, U$ 65.000 and U$ 64.666.

H4 chart :

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

The Bitcoin price needs to continue positive developments above the $65,500 price area so that it does not come back with negative corrections up to the EMA 5 and can still open a candle below it.

Only with the continuity of positive developments above $65,320, for the Bitcoin price to break through the resistance of the $66,500 price area.

Buyers are still trying to keep Bitcoin's price above the $65,500 price area, which will be of extreme importance for the upcoming 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$ 66,520 // U$ 67,159 // U$ // 67,700 U$ 68,405.

Supports: U$ 65,684 // U$ 65,055 // U$ 64,355 // U$ 63,536.

https://www.tradingview.com/x/tMTN0Tyv/

H4 chart from last week:

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

H1 chart :

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

Bitcoin price needs to hold above the 5 and 20 EMA for the next few sessions.

More importantly the Bitcoin price needs to stay above the Ichimoku Cloud Conversion Line (blue line), lest it be broken where corrections could enter the $65,500 price area and go for the attempted break of the EMA 20 in the $64,800 price area.

Only with the continuity of positive developments above the EMA 5 and breaking the LTB for the Bitcoin price to leave a risk area of the possible returns of negative corrections below $65,000.

It follows buyers already trying to defend the Conversion Line so sellers cannot succeed in breaking it where they will go for the 3rd test of breaking it in the short term.

Resistances: U$ 66.137 // U$ 66.482 // U$ 66.771 // U$ 67.154.

Supports: U$ 65.793 // U$ 65.504 // U$ 65.237 // U$ 64.926.

https://www.tradingview.com/x/zB0enTrV/

Dominance 44.51 %.

"Try again. Fail again. But fail better. " ----- Samuel Beckett

Continue to follow My Analysis on Tradingview as well:

https://br.tradingview.com/chart/BTCUSDTPERP/uVMcDJc3/

Make your free card with Bitcoin cashback, on spending from R$10. No partner requirements.

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

Mine by playing: https://rollercoin.com/?r=ku32dbof

Nº 460