Bitcoin Price Evolution Analysis 09.01.2021

by CSM TRADER                                                                                                                

 Nº 423

BTC price U$ 47.756.  

Price USD/BRL R$ 5.15.

Price EUR/BRL R$ 6.08.

Price Gold 1g R$ 298.02.

Good morning to all readers.

The price of Bitcoin is still in an uptrend above the price area of $46,550, and is slightly below the 100 EMA (H1).

The price of Bitcoin in past sessions after testing the $48,300 price area, failed to continue the positive developments above $48,500, and with that came the negative corrections downward from the $48,000, $47,500, and $47,000 price areas, even testing the $46,550 price area.

After the Bitcoin price made a double bottom in the U$ 46,550 price area, it came back with positive developments upwards from U$ 47,000 and U$ 47,500.

Now at the time of writing, the Bitcoin price is tracking in the U$47,638 price area.

It will be necessary for the Bitcoin price to continue positive developments above the $47,500 and $47,220 price area in order not to lose all the positive developments made so far.

The Bitcoin price needs to continue to move upwards above the EMA 100 (H1), in order to follow and remain above the EMA 100, where positive moves could continue upwards to the price areas of $48,000 and $48,500 and thus surpassing and making a higher peak than the previous one in the $48,300 price area.

If the Bitcoin price already fails to make positive advances up the EMA 100, or even above U$48,000 and U$48,220, the negative corrections will move back below the U$47,500 and U$47,000 price areas and attempts to break out of the last bottom formed in the U$46,550 price area could arise again; this, if broken out, the continuations of the negative corrections could proceed below U$46,000 and U$45,780.

Only with a new top higher than the previous one, for the Bitcoin price not to return with the negative corrections below $47,000.

A Daily and Monthly close was made in the price area of $47,150.

Today would require a close of the Daily above the $47,380 price area, to provide the conditions for positive moves upwards towards $48,000.

Buyers remain in control of the situation where they will need to continue positive developments above $48,000 for the next few sessions.

If buyers manage to get the necessary positive moves above the $48,000 and $48,220 price areas and above the 100 EMA (H1), they will have to keep the Bitcoin price above them for further consolidations, so that they have the continuity of positive moves above $48,500, and thus invalidating the sellers' previous top.

If buyers fail in these positive developments above the EMA 100 (H1), or even above $48,220, sellers will regain control of the situation where they could again create the downside below the $47,500 and $47,120 price areas, and could still go for a new bottom below the last form of the $46,550 price area.

Major Resistance areas - U$47,880, U$48,220 and U$48,500.

Major Support areas - U$47,500, U$47,080 and U$46,600.

H4 chart:

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

The Bitcoin price may look to break through the Ichimoku Cloud at its thinnest part which is in the $48,350 price area.

It will be important for the Bitcoin price to continue positive developments above the $47,500 and $47,220 price area in the coming sessions.

Only with continued consolidations and positive advances above $48,000 will the Bitcoin price continue with attempts to make a new top above the previous one which is in the $48,300 price area.

If the Bitcoin price fails to continue the positive moves above the EMA 20, the negative corrections could follow below $47,500 and $47,000, where a test of the EMA 100 again could occur.

In my last analysis I wrote that the possibility of tests at the EMA 100 could occur, and it did and buyers managed to keep the Bitcoin price above $46,500.

Buyers need to continue the positive moves above the $47,500 price area in order to get the positive moves needed with the Bitcoin price above the EMA 20 in the near term.

Buyers need to be able to open a candle above the EMA 20.

If the buyers fail in these positive developments above EMA 20 and above the Ichimoku Cloud, the sellers will come in heavy into control of the situation where they can take the Bitcoin price to test back to the EMA 100.

Follow the buyers in their attempts for positive advances above $47,800 or even above the EMA 20.

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

Resistances: U$ 47.837 // U$ 48.188 // U$ 48.452 // U$ 48.742.

Supports: U$ 47.518 // U$ 47.216 // U$ 46.909 // U$ 46.589.

https://www.tradingview.com/x/JQXMOU4J/

H1 chart:

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

It will be of utmost importance that the Bitcoin price gets the positive moves above the 100 EMA where 3 tests have already been made.

If the price of Bitcoin fails to make these positive moves above the EMA 100 or fails to stay above it, the downside corrections could come back below the $47,500 and $47,220 price areas.

Buyers are in attempts to keep the Bitcoin price above the EMA 50, and still need the continuities of positive developments above the EMA 100 in the near term.

If the buyers fail to keep the Bitcoin price above the EMA 50, the sellers will get into control of the situation where they can give the downside continuities down to the $47,500 and $47,120.

Follow the buyers in attempts to evolve the Bitcoin price above the EMA 100 and above U$48,000.

Resistances: U$ 47.811 // U$ 48.105 // U$ 48.301 // U$ 48.613.

Supports: U$47,534 // U$47,239 // U$46,916 // U$46,581.

https://www.tradingview.com/x/c2goLVOg/

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Nº 423