Bitcoin Price Evolution Analysis 08.31.2021

by CSM TRADER                                                                                                                

 Nº 422

BTC price U$ 47.390.  

Price USD/BRL R$ 5.18.

Price EUR/BRL R$ 6.13.

Price Gold 1g BRL 302.36.

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$48,400 price area and the 100 EMA (H1).

The Bitcoin price in the past sessions tried the rounds of positive advances upwards from the $48,800 price area, but failed and came back with the continuities of negative corrections downwards from the $48,000, $47,500 and $47,000 price areas, even testing the $46,731 price area.

Bitcoin's price continues in the negative corrections making smaller and smaller tops than the previous top.

The breakout of the support in the price area of $46,500 could still occur for the next few sessions.

With the breakout of the support in the $46,500 price area, the downside corrections will continue below the $46,500 price area, where it will have to stop above the $46,220 price area, as below $46,000 the downside corrections will look for the $45,780 price area, or even the $45,500 price area, meaning the Bitcoin price will increasingly make lower tops and lower bottoms.

If the Bitcoin price manages to come back with the positive developments and still stick with the consolidations upwards from the price areas of U$47,780 and U$48,120 the continuities of the positive developments will give the continuities upwards from U$48,500 and U$49,000.

Only with the turns of the positive advances upwards of the EMA 5, 20 and 50, for the Bitcoin price to exit a risk area of the continuities of the negative corrections downwards from the support of U$ 46,500.

A daily close was made in the price area of $47,024.

For today it would be important to close both the daily and the monthly above the $48,500 price area.

Sellers are still in control of the situation.

Buyers need to hold sellers above the $46,500 and $46,120 price areas to avoid further disadvantages created by sellers below the $46,000 and $45,780 price areas.

Sellers continue to aim for the $45,120 price area.

Only with the consolidations and turns of positive developments of buyers with the price of Bitcoin above the price areas of U$47,800 and U$48,220 to get out of a risk area of the continuities of the disadvantages created by sellers below the U$46,500.

Major Resistance areas - U$47,500, U$48,220 and U$48,780.

Major Support areas - U$47,080, U$46,500 and U$46,120.

H4 chart:

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

In My Analysis of 30.08.2021, I wrote that the Bitcoin price would go for tests at the EMA 100 and could go for the EMA 200.

Tests of the EMA 100 have already been made 4, which may now for upcoming sessions a break of it and continuities of negative corrections follow below the EMA100 and where a search for the EMA 200 may occur.

EMA 100 (white line) quoted in the price area of $47,253.

EMA 200 (pink line) quoted in the U$44,982 price area, now at the time of writing.

Buyers continue to have great difficulty in returning with positive advances upwards from the U$47,500 and U$47,780 price areas, which would be of extreme importance for the upcoming sessions.

Only with positive advances above the $48,120 price area or even above the Ichimoku Cloud will buyers try to reverse the situation of sellers continuing the downside below the 100 EMA.

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

Resistances: U$ 47.907 // U$ 48.172 // U$ 48.436 // U$ 48.679.

Supports: U$ 47.610 // U$ 47.292 // U$ 46.887 // U$ 46.488.

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

H1 chart:

The price of Bitcoin follows above the 5, 20 and 50 EMAs, but remains below the 200 and 100 EMAs and below the Ichimoku Cloud.

The price of Bitcoin is attempting a resumption of positive moves above the $48,000 price area.

If the Bitcoin price does achieve these important positive advances above $48,000 and $48,220 for the next few sessions, it will have to hold above these price areas for consolidations to not return everything back below $48,000 and $47,600.

If the Bitcoin price comes back with negative corrections below $47,500, the possibilities this time of the $47,000 breakout could occur and extend to attempts at the $46,500 breakout.

Follow the buyers in the attempts of the positive advances above the U$48,000.

Resistances: U$ 48,069 // U$ 48,417 // U$ 48,069 // U$ 49,020.

Supports: U$47,794 // U$47,459 // U$47,197 // $U46,802.

https://www.tradingview.com/x/pabQUU7f/

Dominance: 44.25

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Nº 422