Bitcoin Price Evolution Analysis 09.03.2021

by CSM TRADER                                                                                                                

 Nº 425

BTC price U$ 49.880.  

USD/BRL price R$ 5.18.

Price EUR/BRL R$ 6.15.

Price Gold 1g R$ 300.92.

Good morning to all readers.

Bitcoin price is still in an uptrend above the U$48,700 price area and above the 100 EMA (H1).

The Bitcoin price in the past sessions after failing to make positive advances upwards from the $50,400 price area, started with its negative corrections downwards from the $50,000, $49,500 and $49,000 price areas and even testing the $48,332 price area.

After making this new bottom in the U$48,332 price area, the Bitcoin price has returned with its positive developments upwards from the U$49,000, U$49,500 and U$50,000 price areas, where just now it has reached testing U$50,717 price area.

Now at the time of writing, the Bitcoin price is tracking in the U$49,800 price area.

The Bitcoin price needs to hold above the U$49,120 price area for the next few sessions, so that positive developments can proceed upwards again to the U$50,500 and U$51,000 price area.

If the Bitcoin price fails again in the attempts of positive advances upwards from the U$50,360 and U$50,500 price areas, the negative corrections could come back with strength again and go for the breakout of the bottom formed in the U$48,332 price area, and still extend downwards from the U$47,780 and U$47,666 price areas; where a stop above U$47,000 should occur, as below this price area the situation could become more tense.

Only with consolidations and positive advances above U$ 50,500 for the Bitcoin price not to have the negative corrections back below U$ 49,380.

A close of the Journal was made above the price area of $49,280.

For today it would be important to close the Journal above the $49,666 price area.

Ideally, a close above the $50,120 price area would still be important.

Buyers remain in control of the situation, but need to continue the positive developments above the $50,000 and $50,500 price areas for the next few sessions.

If buyers come to fail in these positive developments with the Bitcoin price upwards from the $50,500 price area, sellers will return to control of the situation where they may this time make a lower bottom than the previous one which was at the $48,332 price area, and extend the downside below the $48,000 price area.

Major Resistance areas - U$50,250, U$50,500 and U$50,780.

Major Support areas - U$49,666, U$49,120 and U$48,500.

H4 chart:

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

The price of Bitcoin needs to continue positive advancement attempts above $50,500 and stay above this price area for further consolidations to be made.

Once above $50,500 and with the consolidations well done, continuities of the advances above $51,000 will be made.

If the Bitcoin price fails again in these positive advances above $50,500, negative corrections will appear again below $49,220 and $49,000 and may go for a bottom lower than $48,332.

Follow the buyers in their attempts to keep the Bitcoin price above $49,700.

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$ 50,384 // U$ 51,080 // U$ 51,519 // U$ 51,958.

Supports: U$ 49,705 // U$ 49,209 // U$ 48,628 // U$ 48,076.

https://www.tradingview.com/x/B82ffjlN/

H1 chart:

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

Bitcoin price is now tracking at the time of writing in the $50,200 price area.

The Bitcoin price needs to continue these positive moves above the $50,500 and $50,680 price areas for further consolidations above $50,120 where the odds of positive moves above $51,000 and $51,220 can occur and look for the strong resistance at $52,000.

If the Bitcoin price were to fail to continue the positive advances above $50,500 and $50,680, the negative corrections could come back below $49,500, and still extend below $49,000.

It will be extremely important for the Bitcoin price to continue positive advances above $50,500 in the near term.

Follow the buyers in the attempts of the positive advances to above U$50,300 and U$50,500.

Resistances: U$ 50,419 // U$ 50,816 // U$ 51,235 // U$ 51,557.

Brackets: U$ 49,807 // U$ 49,389 // U$ 49,013 // U$ 48,595.

https://www.tradingview.com/x/CtOKvaa0/

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Nº 425