Bitcoin Price Evolution Analysis 09.11.2021
by CSM TRADER
- 461
BTC price U$ 68.252.
Price USD/BRL R$ 5.54.
Price EUR/BRL R$ 6.42.
Price Gold 1g R$ 325.64.
Good morning to all readers.
The mayor-elect of New York City, Eric Adams, recently won the race for mayor of the city. On November 3, Adams became the second black man elected mayor in New York City. The victory was important in itself, but Adams' comments and stance on cryptocurrencies, bitcoin in particular, were what pushed him into the spotlight in recent days.
The mayor-elect was in the news days after his election when he said that he planned to receive his first three salaries in Bitcoin . This was in response to Miami Mayor Francis Suarez's comment that he would receive a paycheck in Bitcoin.
Adams has always been open with residents about his plans for the city when it comes to crypto. According to the mayor, he was working to make New York City the crypto center of the country, and now the mayor-elect has revealed another approach to helping residents become more literate when it comes to cryptocurrencies.
"That's what we should do, open our schools to teach technology and teach this new way of thinking."
For Adams, cryptocurrencies are the future and New York City cannot be left out.
The Bitcoin price is still in an uptrend above the $66,500 price area and well above the 100 EMA (H1).
The price of Bitcoin in past sessions has continued consolidations and positive developments above $65,220 and has broken through the $65,500, $66,000, and $67,000 price areas, even testing the $68,675 price area.
Bitcoin's price made the New ATH in the U$68,675 price area.
Now at the time of writing the Bitcoin price is tracking in the U$68,177 price area.
It will be necessary for the Bitcoin price to continue consolidations above the $67,220 price area in order to create the possibility for further positive advances above the New ATH in the $68,675 price area.
Very important for the Bitcoin price for the next few sessions, the breakout of the New ATH in the price area of $68,675, so that a Double Top pattern is not made.
It will be necessary for the price of Bitcoin the positive advances upwards from the price areas of $69,380 and $69,500 for this Double Top pattern to be invalidated and with that still being able to test or even enter a new price level, in the price area of $70,000.
Only with the continuity of consolidations above the Conversion Line of the Ichimoku Cloud (blue line) and above the EMA 5 (green line), for the price of Bitcoin not to enter into negative corrections for testing or even breaking the EMA 20 (yellow line) and the Base Line of the Ichimoku Cloud (red line), which would take the price of Bitcoin below the price areas of $67,500 and $66,680 for the next sessions.
A Journal close above the $67,600 price area was made.
For today, a close above the $68,000 price area would be important.
Buyers remain in full control of the situation as long as, they can keep the Bitcoin price above the EMA 20 (yellow line) for the next few sessions.
Buyers need to continue the positive developments upwards from the price area of $69,000 and $69,500 to get out of a risk area of possible downside created by sellers downwards from $68,000 and $67,780.
An open candle below the EMA 20 by sellers could start the downside downside below the price areas of $67,220, $67,000 and $66,500 where it will be of extreme importance for buyers to stop sellers above the $66,000 price area.
Major Resistance areas - $68,420, $68,880 and $69,366.
Major Support areas - $67,800, $67,240 and $66,780.
H4 chart :
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
The Bitcoin price needs to continue consolidations above the $67,880 price area for the next few sessions in order to be successful in its next bullish leg above the $69,000 and $69,500 price area, and thus be able to conquer a new price level above the $70,000 price area.
If the Bitcoin price manages to stay above $69,340 for a few sessions the attempts at positive developments will emerge above $70,000 and may still go for a test in the price areas of $71,000 and $72,000.
If the Bitcoin price fails to go above $69,000, the negative corrections could come back strongly below $68,000 and $67,500, where a test in the $65,200 price area could emerge, to a new bottom.
Follow the buyers in consolidations and attempts to keep the Bitcoin price above the $67,700 price area, and will still have to keep the Bitcoin price above the EMA 5.
The chart on H4 will follow the whole week to get a parameter of the Bitcoin Price Evolution. Only some adjustments will be made.
Resistances: U$ 68.578 // U$ 69.454 // U$ 69.989 // U$ 70.508.
Supports: U$ 67.622 // U$ 66.925 // U$ 66.211 // U$ 65.611.
https://www.tradingview.com/x/OxUpt3Yt/
H1 chart :
Bitcoin price follows above the 200, 100, 50 and 20 EMAs and above the Ichimoku Cloud, however it follows below the 5 EMA and below the Ichimoku Cloud Conversion Line.
The Bitcoin price will need to hold above the EMA 20 for the next few sessions.
If the Bitcoin price gives the continuities of consolidations above EMA 20 the possibilities of the positive advances above the $68,780 and $69,360 price areas will emerge and further extend above $70,000.
It will be critical for the Bitcoin price to follow above the EMA 20 and above the Ichimoku Cloud Base Line, as open candles below them will be heavier corrections, or even below $67,000.
Buyers are having trouble keeping Bitcoin's price above the EMA 5.
It will be extremely important for the next few sessions that buyers conquer the EMA 5 again, so that sellers don't give the downside continuities to test at the EMA 20 (yellow line) and the Ichimoku Base Line (red line).
Follow the buyers in their attempts to come back with the Bitcoin price above the EMA 5 or even above the $68,000 price area.
Resistances: U$ 68,329 // U$ 68,715 // U$ 69,127 // U$ 69,487.
Supports: U$67,724 // U$67,183 // U$66,655 // U$66,141.
https://www.tradingview.com/x/BM8G5uQG/
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Nº 461
