Bitcoin Price Evolution Analysis 08.23.2021

by CSM TRADER                                                                                                                 

 Nº 415

BTC price U$ 50.240.  

Price USD/BRL R$ 5.38.

Price EUR/BRL R$ 6.30.

Price Gold 1g R$ 311.52. 

Good morning to all readers.

Bitcoin price continues in an uptrend above the U$49,500 price area and above the 100 EMA (H1).

Bitcoin price in the past sessions 21 and 22.08.2021, stayed in strong consolidations between the price areas of U$48,600 and 49,500, even testing the price area of U$48,070.

Then it started with positive developments upwards from the U$49,000, U$49,500 and U$50,000 price areas, even testing the U$50,600 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$50,230 price area.

The Bitcoin price needs to hold above the U$49,500 price area for the next few sessions, to provide the continuities of the positive developments upwards from the breakout of the U$50,600 and U$50,880 price areas.

If the Bitcoin price manages to advance in the near term above the U$50,300 and U$50,600, the odds of the continuations of the positive developments upwards of the U$51,000 and U$51,780 price areas could emerge.

On the other hand, if the price of Bitcoin does not achieve these positive advances above $50,500 and $50,880 in the short term, negative corrections could return below the $50,000 and $49,780 price areas, and should stay above $49,500 or even above the 50 EMA (H1), so as not to have further corrections below $49,500.

Only with the continuity of the consolidations and positive developments above the EMAs 5 and 20 for the price of Bitcoin to go for a test in the price area of $51,000 for the next sessions.

A daily close was made above the $49,243 price area.

A good daily close above the $50,360 price area will be important for today.

Buyers remain in complete control of the situation with the Bitcoin price staying above the $49,220 price area.

Buyers need to continue the consolidations above $50,000 in order to get the positive moves needed for the positive advances above the $50,500 and $51,000 price areas.

If the buyers fail to keep the price of Bitcoin above the $50,000 price area, the sellers could come in stronger into control of the situation where they could create the downside to the $49,680 and $49,220 price areas where the buyers will have to keep the price of Bitcoin above the $49,000 to not have further downside created by the sellers below $48,780.

Buyers are eyeing the U$52,000 and U$54,000 price areas; between short and medium term.

Major Resistance areas - U$50,500, U$50,880 and U$51,360.

Major Support areas - U$50,000, U$49,750 and U$49,220.

H4 chart:

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

The price of Bitcoin needs to provide the continuities of consolidations above the EMA 5 for the continuities of positive developments above the $50,600 price area.

It will be of utmost importance that the Bitcoin price achieves these positive advances above the $50,600 and $50,820 for the next few sessions, so that, further consolidations above the $51,220 could occur.

If the Bitcoin price fails in these attempts of positive evolutions above $50,600, the negative corrections could come back below $50,500 and $50,240, and it should stay above $50,000 to avoid the continuities of the negative corrections below the price areas of $49,680 and $49,220.

Follow the buyers in their attempts to evolve Bitcoin's price above the U$50,300 price area, which will be of extreme importance in the short term.

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$ 50.533 // U$ 51.004 // U$ 51.650 // U$ 52.156.

Supports: U$ 49,940 // U$ 49,250 // U$ 48,582 // U$ 48,010.

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

H1 chart:

Bitcoin price follows above the EMAs and above the Ichimoku Cloud, however it follows on top of the EMA 5.

The Bitcoin price needs to continue the positive developments above the 5 and 20 EMA for the next few sessions.

The Bitcoin price for the next session needs to open a candle above the EMA 5 to continue the attempts of positive developments above the $50,300 price area.

It will be of utmost importance that the Bitcoin price remains above the EMA 20 or even the $49,760 so that the continuity of consolidations and positive evolutions occur above the $50,000 level, and may even extend above $50,600 and $51,000 for the next sessions.

Follow the buyers with in the continuities of the attempts of the positive evolutions above the U$ 50,300 and U$ 50,500.

Resistances: U$ 49.477 // U$ 49.807 // U$ 50.122 // U$ 50.476.

Supports: U$ 49.155 // U$ 48.821 // U$ 48.475 // U$ 48.177.

https://www.tradingview.com/x/kosIxex1/

Dominance: 45.52 %

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Nº 415