Bitcoin Price Evolution Analysis 08.30.2021

by CSM TRADER                                                                                                                

 Nº 421

BTC price U$ 48.050.  

Price USD/BRL R$ 5.25.

Price EUR/BRL R$ 6.13.

Price Gold 1g R$ 304.16.

Good morning to all readers.

The price of Bitcoin follows a downtrend below the price area of $48,500 and the EMA 100 (H1).

The price of Bitcoin this weekend 28 and 29.08.2021, was in consolidations between the price areas of U$48,500 and U$49,100.

It had a strong positive evolution upwards from the price area of U$49,770, where it returned with negative corrections up to the price area of U$47,738.

Once again it tried the positive developments above the $49,500 price area, but this time failing at the $49,447 price area, and came back with the negative corrections down to the $49,000, $48,000 price areas and even testing the $47,595 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$47,792 price area.

The Bitcoin price would need to come back with its consolidations above the U$48,220 price area and hold above the 5 and 200 EMA, for the possible returns of positive developments above U$48,500, for the next few sessions.

If the Bitcoin price stays below the EMA 5 and 200 the negative corrections could give the continuities for the attempts to break through the U$47,500 price area, even as only one attempt has been made so far.

It seems that the Bitcoin price will go for test for another attempt to break through the $47,500 for the next few sessions.

If the Bitcoin price manages to break through U$47,500 the downside corrections could go in search of the last funnel formed in the U$46,800 price area.

If the Bitcoin price stays above this bottom, the positive evolving corrections could come back strongly above U$ 47,000 and U$ 47,380.

But if the Bitcoin price breaks through the U$ 46,500 and U$ 46,120 price areas, the negative corrections could extend below the U$ 46,000 and U$ 45,500 price areas.

Only with the turns of positive developments upwards of the EMA 5 and staying above U$47,500, for the Bitcoin price to exit a risk area of the continuations of negative corrections downwards of U$47,220 and U$47,000. Or with a double bottom formation above U$47,500.

A daily close above the $49,790 price area was made.

For today a daily close above the $47,000 price area would be important.

Sellers remain in control of the situation below the $48,000 price area.

Buyers need to bar sellers with the price of Bitcoin above the $47,500 price area, as below this price area, sellers will gain more strength and continue the downside downwards from the $47,220 and $47,080 price areas.

It will be extremely important in the short term that buyers manage to come back with positive developments upwards from the price areas of $47,880 and $48,220.

Major areas of Resistance - U$48,000, U$48,500 and U$49,350.

Major Support areas - U$47,500, U$47,080 and U$46,666.

H4 chart:

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

The Bitcoin price needs to make a resumption of positive developments above the $47,500 price area.

A test at the EMA 100 is more likely than a return of positive developments above $48,000 at this point.

This test at the EMA 100 is in the $47,220 price area, where if the EMA 100 fails to hold the bump the negative corrections could continue downward from the $47,000 price area.

Sellers remain in control of the situation and want to take the Bitcoin price to test at the EMA 100, where if they can continue the downside down to below $47,120 they will gain more strength to continue the downside down to $47,000 and $46,880.

Buyers will have to try to keep the Bitcoin price above the 100 EMA or even above $47,120 in order not to have further downside created by sellers below $47,000.

Follow the sellers forcing the downside below $47,750.

The chart in H4 will follow all week to have a parameter of Bitcoin's Price Evolution. Only some adjustments will be made.

Resistances: U$ 47,978 // U$ 48,303 // U$ 48,611 // U$ 48,936.

Supports: u$ 47,450 // u$ 47,187 // u$ 46,800 // u$ 46,439.

https://www.tradingview.com/x/7ODoAmen/

H1 chart:

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

The Bitcoin price would need the turns of positive developments upwards from the U$48,000 price area.

But the current situation looks like the Bitcoin price is going to test in the $47,500 price area for the next few sessions.

If the Bitcoin price manages to break through the support in the U$47,500 price area, the negative corrections will give the continuities downwards from the U$47,220 and U$47,000 price areas, and still being able to extend downwards from the U$46,780 price area.

The price of Bitcoin needs to try to stay above the LTA in order not to have the continuities of the negative corrections.

Sellers continue to attempt to break the LTL where 2 tests have already been made.

Follows buyers defending price area of U$ 47,600 or even on top of the LTA; where sellers want the breakout of it.

Resistances: U$ 48.034 // U$ 48.365 // U$ 48.756 // U$ 49.068.

Supports: U$ 47.675 // U$ 47.317 // U$ 46.983 // U$ 46.497.

https://www.tradingview.com/x/YpT65wNj/

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Nº 421