Bitcoin Price Evolution Analysis 09.02.2021

by CSM TRADER                                                                                                                

 Nº 424

BTC price U$ 49.988.  

Price USD/BRL R$ 5.18.

Price EUR/BRL R$ 6.14.

Price Gold 1g R$ 300.87.

Good morning to all readers.

Bitcoin price follows uptrend above U$ 48,500 price area and above EMA 100 (H1).

Bitcoin price in the past sessions after the double bottom at the price area of U$ 46,550, started with its positive developments upwards to the price areas of U$ 47,000, U$ 48,000 and U$ 49,000, even testing the price area of U$ 50,420; and follows in strong consolidations between the price areas of U$ 49,700 and U$ 50,270.

Now at the time of writing, the Bitcoin price is tracking in the $50,005 price area.

The Bitcoin price needs to hold above the U$49,200 price area or even above the EMA 20, in order to continue the attempts of the positive developments upwards from the U$50,240 and U$50,500 price areas.

If the Bitcoin price succeeds in the positive advances above $50,500, the continuities of the positive developments could follow upward to the $51,120 and $52,000 price areas.

On the other hand, if the Bitcoin price were to fail on the positive advances above $50,380 and $50,880, the negative corrections could come back below the $50,000 and $49,780 price areas, where a stop above $49,500 would be of utmost importance, so that the Bitcoin price would not bottom below the $48,500 price area, or even below the 100 EMA (H1).

Only with the continuity of consolidations above $49,680 for the Bitcoin price not to enter into negative corrections below $49,500, and to continue positive evolutions above $50,500 and $51,320.

A Daily closing was made above the price area of $48,840.

For today, it would be of utmost importance to close the Journal above the price area of $49,500.

Ideally, and even for the continuation of the positive developments, a close of the Journal above the price area of $50,220 would be ideal.

Buyers remain in control of the situation and need to continue Bitcoin price consolidations above the $49,600 price area.

If buyers can make the necessary positive advances above $50,500 for the next few sessions, they will provide the continuities for the breakout tests of the $51,000 and $51,220 price area.

Buyers will have to defend the $49,500 price area to avoid further disadvantages created by sellers below this price area, and could extend below the $49,220 and $48,780 price areas.

Only with continued consolidations and positive developments above $49,500 will buyers succeed in making positive advances above $50,500.

Major areas of Resistance - U$50,200, U$50,500 and U$50,780.

Major Support areas - U$49,780, U$49,500 and U$49,120.

H4 chart:

Bitcoin price follows above the EMAs and above the Ichimoku Cloud.

It will be important for the Bitcoin price to continue its consolidations and positive developments above the $49,500 price area.

A small correction could come, but it should not go below the $49,500 price area, because if it breaks the $49,500 price area, the negative corrections could go in search of a new bottom below the $49,000 price area.

Only with the continuity of consolidations above $49,700 for the Bitcoin price to continue its positive developments for the attempts to break through the $50,500.

Buyers continue their attempts to keep the Bitcoin price above the $49,700 price area, and still need for the next few sessions the continuities of the positive moves above $50,240.

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

Resistances: U$ 50,265 // U$ 50,605 // U$ 50,963 // U$ 51,290.

Supports: U$ 49.705 // U$ 49.347 // U$ 48.887 // U$ 48.488.

https://www.tradingview.com/x/KeyMSr4z/

H1 chart:

Bitcoin price follows above the EMAs and above the Ichimoku Cloud.

The Bitcoin price needs to continue consolidations and positive developments above the $47,700 price area in the near term so that the odds of the $50,500 breakout attempt can occur for the next few sessions.

If the Bitcoin price fails to hold above $49,700 and $49,500, downside corrections could follow below $49,220 and $49,000.

Only with the continuities of positive advances above $50,220 and $50,500, for the Bitcoin price to move out of a risk area of starting negative corrections.

Buyers need to continue the positive developments above $50,220 and $50,360 to get out of a risk of sellers getting in control of the situation and creating the downside below $49,500.

It follows the buyers keeping the Bitcoin price above the U$49,880 price area.

Resistances: U$ 50,082 // U$ 50,430 // U$ 50,752 // U$ 51,083.

Supports: U$49,726 // U$49,361 // U$49,988 // U$48,581.

https://www.tradingview.com/x/AhEN8V2e/

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Nº 424