Bitcoin Price Evolution Analysis 08.17.2021

by CSM TRADER                                                                                                                

 Nº 413

BTC price U$ 46.730.  

Price USD/BRL R$ 5.26.

Price EUR/BRL R$ 6.19.

Price Gold 1g R$ 301.31. 

Good morning to all readers.

The price of Bitcoin follows in an uptrend above the price area of $45,500 and the EMA 100 (H1).

The Bitcoin price in the past sessions has tried to continue the positive moves above the $48,000 price area, but failed to move above the $47,780 price area, and with that came the negative corrections downward from the $47,000, $46,000, $45,500 price areas, and even testing the $45,240 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$46,700 price area.

It will be important for continued positive developments that the Bitcoin price stays above the $46,000 price area and above the 5 and 20 EMAs (H1).

It will also be of utmost importance that the Bitcoin price manages to break through the Ichimoku Cloud at the thinner part, and that, the continuities of the positive developments follow in search of a breakout in the price area of $46,780 and $47,000.

If the Bitcoin price fails in the attempts of the positive advances above the Ichimoku Cloud, the negative corrections could come back below the $46,500 and $46,220 price areas, where it will have to stay above $46,000, not to go back below $45,780 and $45,666.

Now at the time of writing the Bitcoin price is following in the third attempt of the Ichimoku Cloud breakout.

Only with these positive moves above the Ichimoku Cloud and further consolidations above it, for the Bitcoin price to break out of a risk area back into negative corrections below U$ 46,500.

A daily close was made above the $45,926 price area.

For today it would be important to have a daily close above the $46,500 price area.

Ideally, a daily close above the $47,120 price area would be important.

Buyers remain in control of the situation and need to continue positive developments above the $46,780 and $46,960 price areas in the near term.

If buyers run out of steam in their attempts to make positive moves above $47,000 and $47,220, sellers will take advantage and take control of the situation where they will once again create downside pressures below the $46,500 price area, and may even extend the downside pressures below the $46,220 and $46,000 price areas.

Only with the positive advances and consolidations above $47,220 will buyers possibly attempt the advances above $47,500 and go for the breakout of the $47,780 and $48,000 price areas.

Major Resistance areas - U$47,000, U$47,780 and U$48,220.

Major Support areas - U$46,500, U$46,000 and U$ 45,666.

H4 chart:

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

The Bitcoin price needs to continue its positive moves upward from the $46,880 and $47,120 price areas in order to avoid the negative corrections downward at $46,500 and $46,220.

Buyers continue to attempt positive advances above $47,000.

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$ 46,973 // U$ 47,557 // U$ 48,198 // U$ 48,782.

Supports: U$ 46,460 // U$ 45,919 // U$ 45,306 // U$ 44,594.

https://www.tradingview.com/x/VBvd7xMD/

H1 chart:

Bitcoin price follows above the EMAs and continues in attempts to over break out above Ichimoku Green Cloud.

If the Bitcoin price succeeds in these positive moves above the Ichimoku Cloud, it will have to stay above the Ichimoku Cloud for further consolidations to occur above $47,000 and $47,220 for attempts at the positive moves above $47,500 and attempts at the breakout of $47,780, where if successful the moves above $48,320 will emerge.

If the Bitcoin price fails to break above $47,500, the negative corrections could come back below $46,880 and $46,680, where a stop above $46,220 will be of utmost importance, so as not to have the negative corrections continue below $46,000 and $45,780.

It follows buyers having the difficulties of the positive advances to exit above the Ichimoku Cloud.

Resistances: U$ 47.077 // U$ 47.286 // U$ 47.505 // U$ 47.714.

Supports: U$ 46.707 // U$ 46.498 // U$ 46.288 // U$ 46.069.

https://www.tradingview.com/x/L51dhJVT/

Dominance: 45.11 %.

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Nº 413