Bitcoin Price Evolution Analysis 08.12.2021

by CSM TRADER                                                                                                                 

 Nº 477

BTC price U$ 49.500.  

Price USD/BRL R$ 5.61.

Price EUR/BRL R$ 6.33

Price Gold 1g R$ 323.23.

Good morning to all readers.

Number of Nodes in the Bitcoin Lightning Network increases by 23% in 3 months.

Despite the recent downtrend, Bitcoin has experienced an increase in adoption on a larger scale. From El Salvador buying the fall to Lightning Network adoption rising, the digital asset is not doing too badly. The most recent indication of higher bitcoin adoption came in the form of Lightning Network nodes. Data shows that these Lightning Network nodes have registered a significant increase over the past three months.

Since its launch, Bitcoin's Lightning Network has seen slow but steady adoption. Mainly, the need for a Lightning Network did not become pertinent until the bull run of 2018, which saw transaction fees skyrocket significantly. It soon became important that there was a way to reduce transaction fees on the Bitcoin blockchain, even during peak transaction times, and as such, the Lightning Network was adopted.

The Lightning Network's node numbers have grown since then; recording small increases at various points in its history. However, none as significant as the increase recorded in the last three months.

From September 3 to December 3, the nodes added to the network continued to rise. During this period, there were a total of 3,534 nodes added to the network. This three-month period saw the total number of Lightning Network nodes exceed 18,000, representing a 23% increase over this period.

The Lightning Network basically allows transactions to be sent off-chain, making them faster and cheaper than on-chain transactions, the main factor behind its recent adoption.

H4 chart :

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

The Bitcoin price has consolidated to the thinner part of the Ichimoku Cloud, but has failed to open a candle above it, and with that comes the negative corrections below it.

It will be of utmost importance that the Bitcoin price stays above the Ichimoku Cloud's Base Line (red line) quoted in the $47,500 price area, so as not to head below $44,500 and $42,000.

Only with the return of the positive developments above the Ichimoku Cloud, for the price of Bitcoin to return with its attempts to break through and continue with the positive developments above the U$ 52,000.

Follow the buyers in their attempts to bar sellers above $49,000, where $48,820, has already been tested.

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

Resistances: U$ 49.601 // U$ 50.797 // U$ 51.825 // U$ 52.781.

Supports: U$ 48,644 // U$ 47,616 // U$ 46,468 // U$ 45,320.

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

H1 chart :

Bitcoin price follows below the EMAs and a little bit below the Red Ichimoku Cloud.

The Bitcoin price needs to enter the Ichimoku Cloud for the possible return of positive developments above it.

Continued consolidations below the Ichimoku Cloud may happen, but the Bitcoin price cannot stay too far away from the Ichimoku Cloud in order not to follow the negative corrections below the $48,000 and the LTA at $47,000.

Only with the continuity of positive evolutions near the Ichimoku Cloud or even entering it, for the Bitcoin price not to continue with negative corrections below $48,500 and $48,000.

It follows buyers trying to keep the Bitcoin price above U$ 49,000.

Resistances: U$ 49,381 // U$ 49,969 // U$ 50,456 // U$ 51,001.

Supports: U$48,836 // U$48,190 // U$47,531 // U$46,814.

https://www.tradingview.com/x/pS030Ez6/

Dominance: 41.29%.

" Our doubts are traitors, and make us lose, for fear of trying, what we might gain. " ------- William Shakespeare

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Nº 477