Bitcoin Price Evolution Analysis 08.20.2021

by CSM TRADER                                                                                                                

 Nº 415

BTC price U$ 47.260.  

Price USD/BRL R$ 5.41.

Price EUR/BRL R$ 6.32.

Price Gold 1g R$ 310.45. 

Good morning to all readers.

Bitcoin price continues in an uptrend above the U$ 45,500 price area and the 100 EMA (H1).

The Bitcoin price in the past sessions U$ 43,937 and U$ 44,150 and thus making a double bottom where positive developments upwards from the U$ 45,000, U$ 46,000 and U$ 47,000 price areas emerged, even testing the U$ 47,500 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$47,234 price area.

The Bitcoin price needs to make its continuities of consolidations and positive developments upwards from the U$46,680 and U$47,000 price areas.

If the Bitcoin price manages to move above the strong resistance of $47,500 and $47,880 for the next few sessions, the possibilities of a new top above the previous top in the $48,300 price area could emerge.

Staying above that of the U$47,500, U$47,780 and U$48,220 price areas, the Bitcoin price could move towards testing attempts at the U$50,000 price area.

On the other hand, if the Bitcoin price fails to make the necessary advances above U$47,500 and U$48,120, the downside corrections could come back with force and go in search of a new bottom in the U$46,500 or U$45,120 price areas.

If it passes $45,000 the odds of a search for $44,120 could emerge.

Only with positive advances above U$48,120, for the Bitcoin price to enter a new price floor for further consolidations and attempts at a search for U$50,000, otherwise if the Bitcoin price fails in these advances above U$48,000, negative corrections will emerge.

A daily close was made above the U$ 46,600 price area.

For today and to provide this continuation of positive advances, a daily close above the $47,220 price area would be important.

Ideally, a good daily close above the $48,000 price area would be important.

Buyers remain in control of the situation where they will need to keep Bitcoin's price above the $47,000 price area for the next few sessions.

If buyers can make good advances above $47,500, they will continue their attempts to break above $48,300, and need to at least test the $48,500 price area to "undermine/weaken" this strong resistance.

On the other hand, if buyers fail to make positive moves above $48,000, sellers will take control of the situation where they can create the downside with Bitcoin's price below the $47,000 and $46,780 price areas, where buyers will have to bar sellers at all costs above $46,500.

It will be extremely important for buyers to keep the Bitcoin price above the 100 EMA (H1).

Major areas of Resistance - U$47,500, U$48,120 and U$48,500.

Major Support areas - U$47,080, U$46,680 and U$45,880.

H4 chart:

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

It will be necessary for the Bitcoin price to continue positive developments above the EMA 5 and especially above the Ichimoku Cloud to give the continuity of positive developments for the breakout attempts of the $48,000 and $48,300.

If the Bitcoin price opens candles below the EMA 5 for the next few sessions, the negative corrections could come back below the U$ 46,680 and U$ 46,220 price areas.

Buyers follow in attempts of the positive advances upwards from the U$47,300 price area and need to try to keep the Bitcoin price above the U$47,000 and U$46,500 price area.

The chart on H4 will follow the whole week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.

Resistances: U$ 47.376 // U$ 47.807 // U$ 48.285 // U$ 48.879.

Supports: U$ 46.806 // U$ 46.305 // U$ 45.932 // U$ 45.440.

https://www.tradingview.com/x/x4uZQWrk/

H1 chart:

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

The price of Bitcoin needs continued consolidations and positive developments above the 5 and 20 EMAs for the coming sessions.

A test of the EMA 20 may occur, but the Bitcoin price needs to remain above it without opening a candle below it in the near term as well.

If the Bitcoin price corrects below the EMA 20 or even in the $46,666 price area, the downside corrections could extend below the $46,500 and $46,320 price areas, where a stop above $46,000 will be of utmost importance, to avoid further downside corrections below $45,780.

Buyers remain in control of the situation, but have difficulties in continuing the positive developments upwards from the price areas of $47,200 and $47,300.

Buyers will have to defend the price area of U$47,000 and U$46,500 so that sellers do not give the continuities of the negative corrections downwards from U$46,220.

Resistances: U$ 46,316 // U$ 47,529 // U$ 47,765 // U$ 48,000.

Supports: U$47,045 // U$46,815 // U$46,544 // U$46,290.

https://www.tradingview.com/x/S5JzhFfG/

Dominance: 44.94 %.

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Nº 415