Bitcoin Price Evolution Analysis 08.25.2021

by CSM TRADER                                                                                                                

 Nº 418

BTC price U$ 47.514.  

Price USD/BRL R$ 5.24.

Price EUR/BRL R$ 6.16.

Price Gold 1g R$ 307.84.

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$48,500 price area and below the 100 EMA (H1).

The price of Bitcoin in the past sessions failed to continue the positive developments above the price area of $49,500, and came to correct negatively up to $48,300, and failing to advance positively above $48,500, followed in negative corrections to test the price area of $47,128.

Now at the time of writing, the Bitcoin price is in the $47,506 price area.

The Bitcoin price needs to consolidate above the $47,000 price area in order to avoid continued downward corrections to the $47,000 and $46,880 price areas.

These negative corrections that could follow downward from the U$47,000 and U$46,800 price areas, where a stop or breakout of the support base in the U$46,500 price area could arise and follow downward from the U$46,220 and U$46,080 price areas.

Bitcoin price would need to positively advance above EMA 5 and consolidate above it, waiting for EMA 20 to follow with possible positive advances above the U$47,780 and U$48,360 price areas.

Only with good consolidations above the EMA 5 and above U$47,000, for the Bitcoin price to move out of a risk area of continued downside corrections below U$47,000 and U$46,780.

A daily close was made above the $47,640 price area.

For today it would be important not to have strong continuations of the downward corrections, a daily close above the $47,500 price area.

Ideally, a daily close above the $48,340 price area would be ideal.

Sellers remain in control of the situation with the price of Bitcoin attempting to continue downside corrections below the $47,000 price area.

Buyers will have to stop these attempts by sellers above the $47,000 price area, because if sellers manage to continue the downside corrections below $47,000, the downside created by sellers could move towards the $46,780 and $46,420 price areas.

Only with positive advances and consolidations above $47,220 will buyers move out of a risk area of further downside in the near term.

Major Resistance areas - U$47,880, U$48,340 and U$48,860.

Major Support areas - U$ 47,000, U$ 46,680 and U$ 46,120.

H4 chart:

Bitcoin price follows above the 200 and 100 EMAs, however it follows below the 100, 5 and 20 EMAs and is starting to enter the Green Ichimoku Cloud.

The possibilities of a test on the EMA 100 for the next few sessions could occur.

The EMA 100 will have to take the bumps to come; for, if it is "punctured" the negative corrections could be heavier where negative advances below the $46,500 and $45,880 price areas could emerge.

The Bitcoin price needs to stay above the $47,000 price area, and back above the EMA 50, for the returns of positive moves above $48,000 and $48,320.

Follow the buyers in their attempts to keep the Bitcoin price above $47,120, for if the sellers manage to break through this price area, the downside created by them could go to the $46,880 and $46,780 price areas.

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

Resistances: U$ 47.728 // U$ 48.224 // U$ 48.720 // U$ 49.391.

Supports: U$ 47.097 // U$ 46.704 // U$ 46.311 // U$ 45.638.

https://www.tradingview.com/x/elaqW4eo/

H1 chart:

Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.

Bitcoin price needs to hold above the $47,000 price area and attempt consolidations above the EMA 5, for the next few sessions.

If the Bitcoin price manages to stay above U$47,000, the positive developments will give the continuities above U$48,000 and U$48,220, which would be very important in the near term.

On the other hand, if the Bitcoin price fails to make the positive advances above U$47,600, or even open new candles above the EMA 5, the negative corrections could go below U$47,000 and U$46,880.

Buyers present the difficulties of continuing the positive developments above $47,600, which would be very important now in the short term.

If buyers fail in these attempts to evolve Bitcoin's price above $47,600, $47,880 and $48,120, sellers will take advantage and create the downside back below $47,000.

Follow the buyers in attempts to give the positive developments continuities upwards of U$ 47,500 and U$ 47,680.

Resistances: U$ 47,594 // U$ 47,876 // U$ 48,106 // U$ 48,330.

Supports: U$ 47.364 // U$ 47.129 // U$ 46.899 // U$ 46.646.

https://www.tradingview.com/x/JVjKk8Os/

Dominance: 45.63 %.

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Nº 418