Bitcoin Price Evolution Analysis 09.10.2021

by CSM TRADER                                                                                                                

 Nº 428

BTC price U$ 46.230.  

Price USD/BRL R$ 5.19.

Price EUR/BRL R$ 6.15.

Price Gold 1g R$ 304.25.

Good morning to all readers.

Bitcoin price is still in full consolidation below the price area of U$47,500 and the EMA 100 (H1).

The Bitcoin price in the past sessions, after the attempt of positive evolutions upwards from the $47,500 price area came to fail and went into negative corrections downwards from the $47,000 price area, tried again to positively advance upwards from the $47,000 price area, but without success.

It returned with its negative corrections to test the $45,622 price area 2 hours ago.

Now at the time of writing, the Bitcoin price is tracking in the $46,224 price area.

The Bitcoin price needs to return to attempting positive advances above the $46,880 and $47,220 price areas, and still hold above $47,100 for the next few sessions, so that further consolidations can be made above $46,780 and $47,000, where the odds of the $47,500 breakout can emerge.

If the Bitcoin price fails to make positive advances above $46,500 and $46,780, the negative corrections could come back below $46,220 and $46,120, where a stop above $45,880 would have to happen, to avoid continuing the negative corrections below $45,680 and putting the $45,500 price area in danger of breaking.

If the price area of $45,500 is broken, the negative corrections could continue below the price areas of $45,000 and $44,780.

Only with continued positive developments upwards from the U$ 46,500 and U$ 47,220 price areas and stabilizing above U$ 47,000 will the Bitcoin price break out of a risk area of continued negative corrections downwards from U$ 46,120.

A Daily closing was made above the $46,400 price area.

For today it would be of utmost importance to close the Journal above $47,220, for attempts of a search in the price area of $48,000.

Buyers remain in control of the situation, but continue to have great difficulty in positively advancing the Bitcoin price above $47,000, and keeping it above this price area.

Buyers need in the short term the necessary positive advances above $47,000 and still stabilize the Bitcoin price above the $47,000 and $47,360 price areas, for the possible breakout attempts at $47,500 to occur and move on to testing the $47,780 and $47,880 price areas.

If buyers fail again to make positive advances above $47,500, or even in the $46,500 and $46,880 price areas, sellers will regain control of the situation, where they can once again create downside pressures below $46,220 and $46,000, and even resume attempts to break through the $45,500 price area; where once this price area is broken; sellers will continue downside pressures below $45,000 and $44,780.

Only with positive advances above $47,220 will buyers succeed in turning around attempts to break the $47,500 level and proceed to attempt positive advances above the $48,000 level.

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

Main Areas of Support - U$46,000, U$45,500 and U$45,120.

H4 chart:

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

The price of Bitcoin keeps moving laterally between the EMA 200 (pink line), mostly a little below it.

It would be of utmost importance that the Bitcoin price manages to stay supported above the EMA 200 or even above the $46,700 price area.

The EMA 5 (green line) has already arrived to provide further support if the Bitcoin price manages to continue the positive developments above $46,700.

It will be necessary for the Bitcoin price to continue holding above the $46,000 price area for the next few sessions.

If the price of Bitcoin were to correct back below $46,000 the chances this time of the $45,500 breakout could occur and extend below $45,220.

Buyers continue their attempts to continue the positive moves above $46,360 and $46,500.

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$ 46.797 // U$ 47.535 // U$ 48.342 // U$ 49.107.

Supports: U$ 45.976 // U$ 45.306 // U$ 44.388 // U$ 43.330.

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

H1 chart:

Bitcoin price is tracking below the EMAs and almost exiting below the Red Ichimoku Cloud.

It would be important if the Bitcoin price could manage to about break out above the Green Ichimoku Cloud where it has an open space, right at the junction of the turn from the Red to the Green Cloud.

If the Bitcoin price were to achieve these positive advances above the Ichimoku Green Cloud, it would take it to the price area above $46,500, and the odds of continued positive advances above $47,000 could occur.

If the price of Bitcoin continues below the Ichimoku Cloud, the odds of negative corrections below $46,000 could reoccur.

Only with continued consolidations above U$ 46,000 and still holding above U$ 46,500, for the Bitcoin price not to return with negative corrections below U$ 46,00 and U$ 45,780.

Resistances: U$ 46.378 // U$ 46.692 // U$ 46.930 // U$ 47.167.

Brackets: U$ 46.034 // U$ 45.705 // U$ 45.368 // U$ 45.024.

https://www.tradingview.com/x/IxyU2fNU/

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Nº 428