Bitcoin Price Evolution Analysis 08.24.2021

by CSM TRADER                                                                                                                

 Nº 417

BTC price U$ 49.328.  

Price USD/BRL R$ 5.38.

Price EUR/BRL R$ 6.31.

Price Gold 1g R$ 311.54.

Good morning to all readers.

Bitcoin price is still in a downtrend below the $50,000 price area, but is still above the 100 EMA (H1).

The Bitcoin price in the past sessions failed to continue its positive developments upwards from the $50,500 price area, and began its negative corrections downwards from the $50,000 and $49,000 price areas, and even testing the $48,800 price area, while still staying above the EMA 100 (H1).

Now at the time of writing the Bitcoin price is tracking in the U$49,290 price area.

The Bitcoin price is heading for the second test at the EMA 100 (H1) or even the U$48,800 price area.

The EMA 100 (H1) needs to hold the Bitcoin price's attempts to give continuities of negative corrections downwards from the U$48,800, U$48,500 and U$48,000 price areas.

Opening a new candle below the EMA 100 (H1), the negative corrections will go in search of the bottom formed in the U$48,200 price area and may extend to the EMA 200 in the U$47,800 price area, where a test of the U$47,500 price area may occur.

The possibilities of the Bitcoin price making a double bottom on top of the EMA100 (H1) could occur, where positive evolutions could take place back above U$49,500.

Only with the returns of positive developments and staying above the EMA 100 (H1), for the Bitcoin price to return to attempts at positive advances above the U$49,500 and U$50,000 price areas.

A daily close above the $49,522 price area was made.

A daily close above the $49,220 price area would be important today.

Sellers remain in control of the situation below the $49,780 price area.

Buyers need to hold the downside created by sellers above the 100 EMA (H1) to prevent further continuation of the downside below the $48,500 and $48,000 price areas.

Only with a double bottom above the EMA 100 (H1) for buyers to be able to return with their positive developments above the $49,500 and $50,000 price areas again.

Major Resistance areas - U$49,780, U$50,000 and U$50,500.

Main Areas of Support - U$48,800, U$48,060 and U$47,780.

H4 chart:

Bitcoin price follows above the 200, 100, 50 and 20 EMAs and above the Ichimoku Cloud, however it follows below the 5 EMA.

The Bitcoin price needs to stay above the EMA 20 in the short term, in order not to have the continuities of the negative corrections below the price areas of $48,500 and $48,000, where a test of the $47,800 price area could occur, or even the EMA 50.

Only with the returns of positive developments above the EMA 20 and 5 for the Bitcoin price to return with its attempts at positive advances above U$ 50,000.

Buyers continue in their attempts to bar sellers above the EMA 20.

The chart in H4 will follow all week to get a parameter of the Bitcoin price evolution. Only a few adjustments will be made.

Resistances: U$ 49,812 // U$ 50,405 // U$ 50,896 // U$ 51,567.

Supports: U$49,116 // U$48,489 // U$47,838 // U$47,336.

https://www.tradingview.com/x/v7YHnIZt/

H1 chart:

Bitcoin price follows above the 200 and 100 EMAs, however it follows below the 20, 5 and 50 EMAs and below the Ichimoku Cloud.

It will be necessary for the Bitcoin price to remain above the 100 EMA in order to avoid further negative corrections below the price areas of $49,000, $48,680 and $48,220, and may still test the $47,666 price area.

Only with the returns of positive developments above the EMA 100 will the Bitcoin price break out of the continuities of negative corrections below the EMA 100.

Follow the buyers in their attempts to amortize the sellers' disadvantages above the EMA 100.

It will be of utmost importance that buyers manage to bar sellers above $49,000.

Resistances: U$ 49,384 // U$ 49,560 // U$ 49,789 // U$ 50,006.

Supports: U$49,200 // U$48,970 // U$48,730 // U$48,409.

https://www.tradingview.com/x/5ieF47Br/

Dominance: 45.16

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Nº 417