Bitcoin Price Evolution Analysis 08.26.2021
by CSM TRADER
Nº 419
BTC price U$ 46.872.
Price USD/BRL R$ 5.21.
Price EUR/BRL R$ 6.13.
Price Gold 1g R$ 301.83.
Good morning to all readers.
Bitcoin price is still in a downtrend below the U$48,000 price area and below the 100 EMA (H1).
The price of Bitcoin in the past sessions after testing the price area of $47,130, came back strong with positive developments upwards from the price areas of $48,000, $49,000 and even testing the price area of $49,380.
Soon after this test at U$49,380, the price of Bitcoin entered strong negative corrections downwards from the price areas of U$49,000, U$48,000, U$47,000, and reaching testing price area of U$46,600, in other words, giving back everything and then some.
Now at the time of writing the Bitcoin price is still in the price area of $46,920, and is struggling to make the necessary advances above $47,000.
The Bitcoin price needs these positive advances above U$47,000 and U$47,500 for the next few sessions, so that consolidations are done well for the positive advances above U$48,000.
There is no point in these strong advances without first forming a good base of support, as returns will happen.
If the Bitcoin price makes the necessary advances with a good base and support above $46,500 and $47,000, the positive developments will continue above the $47,500 and $48,000 price areas, and a new base will have to be formed above $47,780 and $48,000.
On the other hand, if the Bitcoin price does not achieve these short-term positive developments above U$47,000 and U$47,500, the negative corrections will continue downward from this last bottom formed in the U$46,600 price area, and may extend downward from the U$46,500 and U$46,000 price areas, and may even go for a test at U$45,500.
Only with positive advances upwards of U$47,220 and U$47,500 for the Bitcoin price to exit a risk area of continued negative corrections.
In H4 the Bitcoin price should stay above the EMA 100, so as not to have the continuities of negative corrections below it where a search at the EMA 200 could occur.
A daily close was made above the $48,992 price area.
A daily close above the $47,120 price area will be important today.
Buyers are trying to regain control of the situation above the $47,000 price area.
It will be important for buyers to return to positive developments above $47,000 and $47,320 in the next few sessions.
Even more important will be for buyers to evolve the Bitcoin price above the EMA 5 (H1), or even above U$47,100 and keep the Bitcoin price above it for the next few sessions, so that good consolidations will be made where they can give the continuities of the positive evolutions above U$47,500 and U$48,000.
If the buyers fail in these positive developments upwards of U$ 47,220 and U$ 47,500, the sellers will give the continuities of the downsides downwards of the U$ 46,600 and U$ 46,220 price areas where the possibilities of going with the Bitcoin price downwards of U$ 46,000 and U$ 45,780 could happen.
Only with positive developments above $47,500 will buyers get out of a risk area of the continuities of the disadvantages created by sellers to below $46,000.
Main areas of Resistance - U$47,000 U$47,500 and U$48,120.
Major Support areas - U$46,600, U$46,000 and U$45,666.
H4 chart:
Bitcoin price follows above the 200 and 100 EMAs, however it follows below the 5, 50 and 20 EMAs and within the lower base of the Ichimoku Cloud.
It will be necessary for the Bitcoin price to hold above the 100 EMA in order to not have the continuities of negative corrections downward from the $46,000 and $45,780 price areas.
The Bitcoin price would need to make a new top above the last one formed in the $49,390 price area and stay above $48,320 in order to not have the negative corrections return below $47,500.
Follow the buyers in their attempts to keep the Bitcoin price above the 100 EMA where the sellers have already made a test.
The chart in H4 will follow all week to have a parameter of the Bitcoin price evolution. Only a few adjustments will be made.
Resistances: U$ 47,126 // U$ 47,560 // U$ 48,026 // U$ 48,460.
Supports: U$ 46,590 // U$ 46,053 // U$ 45,624 // U$ 45,029.
https://www.tradingview.com/x/jrjLCsO4/
H1 chart:
Bitcoin price follows below the EMAs and below the Ichimoku Cloud.
Bitcoin price follows in strong consolidations between the price areas of $46,700 and $47,060 and below the EMA 5.
It will be important for the turns of the positive developments that the Bitcoin price gets now for the next sessions, the positive advances upwards of EMA 5 and above and settles above U$47,220 for further consolidations and positive developments upwards of U$47,360 and u$47,500.
If the Bitcoin price were to fail in these positive advances and still remain below the EMA 5, negative corrections could come back with more force below the U$46,600 and U$46,220 price areas, and could still go below the U$46,000 price area.
The price of Bitcoin has again made lower tops and lower bottoms than its predecessor; where the top this time could be at $48,120 and a new funnel below $46,600.
Buyers continue in attempts to positively evolve Bitcoin's price above the EMA 5 and above U$47,120.
Resistances: U$ 47,304 // U$ 47,682 // U$ 48,018 // U$ 48,522.
Supports: U$46,985 // U$46,584 // U$46,138 // U$45,709.
https://www.tradingview.com/x/iY0cZcRA/
Dominance: 46.60 %
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Nº 419
