Bitcoin Price Evolution Analysis 08.11.2021

by CSM TRADER                                                                                                                

 Nº 409

BTC price U$ 46.060.  

Price USD/BRL R$ 5.18.

Price EUR/BRL R$ 6.07.

Price Gold 1g R$ 290.38. 

Good morning to all readers.

Bitcoin price continues in an uptrend above the U$44,500 price area and above the 100 EMA (H1).

Bitcoin price in the past sessions after failing in its positive advances upwards from the $46,200 price area, went into negative corrections downwards from the $46,000, $45,000 price area and even testing the $44,668 price area.

It then returned with its positive moves upwards from the price areas of $45,000 and $46,000, where just now it has reached testing the $46,644 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$ 46,142 price area, and just above the EMA 5 (H1).

The Bitcoin price is finding it difficult to give continuities upwards from the $46,200 price area at this time of writing.

The Bitcoin price needs to hold above the EMA 5 and above the $46,000 price area, to provide the continuities of the positive moves upwards from the $46,500 and $46,780 price areas.

If the Bitcoin price opens a candle below the U$ 46,000 price area or even below the EMA 5, negative corrections could emerge and go below U$ 45,500, where the Bitcoin price could enter the Ichimoku Green Cloud.

The Bitcoin price needs to stay above the Ichimoku Cloud to succeed with the continuities of positive developments upwards of U$ 46,500 and U$ 46,780.

Only with positive advances and consolidations above U$ 46,500, for the Bitcoin price to possibly go for the breakout tests of U$ 47,000; which will also be quite difficult at first.

Stronger corrections could appear below the U$ 46,000, U$ 45,000 and U$ 44,780 price areas.

A daily close has been made above the $45,580 price area.

For today, a daily close above the $45,220 price area will be important.

Ideally, a daily close above the $46,340 price area would be important.

Buyers remain in control of the situation, but continue to be under strong pressure from sellers who continue to attempt to create the downside below the $46,000 price area.

Buyers will have to try to positively move the price of Bitcoin upwards from the $46,360 and $46,600 price areas in the short term to try to get out of an area of downside risk created by sellers downwards from the $46,000 and $45,500 price areas.

If sellers get control of the situation below $46,000 and $45,500, they could continue the downside down to below $45,220 and $44,680.

Major areas of Resistance - U$46,500, U$46,880 and U$47,220.

Major Support areas - U$46,000, U$45,500 and U$44,780.

H4 chart:

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

The Bitcoin price needs to try to stay above the EMA 5 for the next few sessions, or even above the $46,000 price area.

If the Bitcoin price were to fail to make positive advances upwards from the $46,300 and $46,500 price areas negative corrections could emerge and go below the $45,780 and $45,500 price areas.

It follows the buyers attempts of the positive advances upwards from the $46,300 and $46,500 price areas, where a break of the $46,800, could go to the breakout tests of the $47,000 and $47,220, but they will have to stay above the $47,000 so that the sellers do not get in control of the situation and start to create the downside downwards from the $46,500 and $46,000.

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$ 46,624 // U$ 47,618 // U$ 48,189 // U$ 48,870.

Supports: U$ 45,961 // U$ 45,132 // U$ 44,414 // U$ 43,714.

https://www.tradingview.com/x/AtWWfZ8R/

H1 chart:

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

It will be extremely important for the Bitcoin price in the near term to give its consolidations continuities above the U$46,000 price area and above the EMA 5.

The Bitcoin price needs to move positively above the U$46,500 and U$46,780 price areas for the next few sessions.

If the Bitcoin price goes into trial exhaustion, negative corrections could emerge, and go below the U$ 46,000 and U$ 45,500 price areas.

Buyers remain in control of the situation, but continue to have great difficulty in continuing positive advances above $46,220.

If buyers fail in the short term with these positive advances above $46,220 and $46,500, sellers will take control of the situation and create the downside of the $46,000 and $45,500 price areas, where buyers will have to defend the $45,000 price area at all costs in order not to have major downside in this price area.

It follows the buyers in their attempts to keep the Bitcoin price above U$ 46,000, and at the same time they will have to give the continuities of the positive developments above U$ 46,500.

Resistances: U$ 46,277 // U$ 46,639 // U$ 46,985 // U$ 47,329.

Supports: U$ 46,007 // U$ 45,706 // U$ 45,538 // U$ 45,058.

https://www.tradingview.com/x/8Ph1yY3b/

Dominance: 46.87 %.

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Nº 409