Bitcoin Price Evolution Analysis 08.13.2021

by CSM TRADER                                                                                                                

 Nº 411

BTC price U$ 46.329.  

Price USD/BRL R$ 5.25.

Price EUR/BRL R$ 6.17.

Price Gold 1g R$ 294.73. 

Good morning to all readers.

Bitcoin price follows me uptrend above the price area of U$ 45,000 and above the EMA 100 (H1).

The price of Bitcoin in past sessions, when it was in the downward corrections below $45,000, even tested the $43,800 price area, and was supported above the EMA 200 (H1), where it made a Double Bottom or a W and came back strongly above the $44,000, $45,000 and $46,000 price areas.

Now at the time of writing the Bitcoin price is tracking in the U$ 46,280 price area.

It will be necessary for the Bitcoin price to make a new top above its previous one which is in the $46,800 price area, to provide the conditions for continued positive developments upwards from the strong resistance of $47,000.

If the Bitcoin price fails in these attempts of the positive evolutions upwards of $46,800 and $47,000, the negative corrections could come back with more force and go for the last formation again, and even attempt the breakout of the same, and could extend below $43,500 this time.

It will be of utmost importance that the price of Bitcoin continues above $46,500 and $46,780 in the short term and consolidates above these price areas for the breakout attempts at $47,000 and $47,220.

Only with continued positive developments above the EMA 5 will the Bitcoin price not lose its positive strength.

For the weekend, the Bitcoin price needs to remain above the U$ 46,000 price area in order not to have further negative corrections below this price area.

A daily close above the $44,390 price area was made.

For today, a daily close above the $46,520 price area would be important.

Buyers remain in control of the situation above the $44,000 price area.

Buyers need to renew the top of $46,800 in order to move on to attempt positive advances above the major resistance of $47,000.

If buyers fail in the short term, sellers will regain control of the situation where they can once again create the downside to the $46,120, $45,780 and $45,500 price areas.

Only with positive advances above $45,600 will buyers be successful in continuing the positive developments for the breakout attempts at $47,000 and $47,220.

Major Resistance areas - U$46,500, U$47,120 and U$47,500.

Major Support areas - U$ 46,080, U$ 45,666 and U$ 44,880.

H4 chart:

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

The price of Bitcoin needs to continue consolidations and positive moves above $46,000, or even stay supported above the 5 and 20 EMA, in order to continue positive moves above $47,000.

If the Bitcoin price does not achieve the necessary positive advances above $46,500, the negative corrections could appear and go in search of the $46,120 price area where the Bitcoin price will have to stay above this one, in order to avoid further negative corrections below $45,680.

The buyers continue their attempts to "undermine/weaken" the sellers at the $46,500 price area, which will be decisive for the next sessions.

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$ 46.753 // U$ 47.436 // U$ 47.938 // U$ 48.495.

Supports: U$ 45,964 // U$ 45,425 // U$ 44,851 // U$ 44,187.

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

H1 chart:

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

The price of Bitcoin needs to continue the positive developments above the price areas of $46,500 and $46,780 to achieve further consolidations above these price areas and with that the breakout of the $47,000 price area could emerge.

It will be of utmost importance for the Bitcoin price for the next few sessions to stay above the $46,120 price area so that it does not return to negative corrections below $46,000 and extend below $45,780.

A negative correction is always healthy, but not now at this time when the Bitcoin price needs to renew the previous top in the $46,800 price area.

If the Bitcoin price can move above $47,000, it will have to hold above $46,780 and $46,880 for further consolidations to be made above $47,000.

Buyers are still trying to break through the $46,500 price area, which will be extremely important for the next few sessions and the near term.

If the buyers fail in this top renewal, the sellers will come in heavy in control of the situation where they could create the downside below U$46,000 and U$45,500.

Resistances: U$ 46,490 // U$ 46,709 // U$ 46,948 // U$ 47,207.

Brackets: U$ 46,197 // U$ 45,971 // U$ 45,760 // U$ 45,432.

https://www.tradingview.com/x/ZaZq7Oep/

Dominance: 46.16 %

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Nº 411