Bitcoin Price Evolution Analysis 09.28.2021

by CSM TRADER                                                                                                                

 Nº 438

BTC price U$ 41.890.  

USD/BRL price R$ 5.39.

Price EUR/BRL R$ 6.29.

Price Gold 1g R$ 300.91.

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$43,000 price area and the 100 EMA (H1).

The Bitcoin price in the past sessions, tried the positive developments above the EMA 200 (H1), but without success, and went into negative corrections below the price areas of $43,000 and $42,000 and even testing the price area of $41,505.

Now at the time of writing the Bitcoin price is tracking in the U$41,650 price area.

The Bitcoin price would need a resumption of positive developments upwards from the price areas of U$41,880 and U$42,220, to enter further consolidation and with that the possibilities of positive advances to test breakout in the U$43,000 price area could arise.

But at the moment Bitcoin price tries to break through the LTA in the price area of U$41,650 referring to the bottom formed in the price area of U$39,500.

If the Bitcoin price manages to break this LTA the negative corrections could follow downwards from the U$41,120 and U$40,780 price areas, and with the possibilities of testing in the U$40,380 price area.

Only with the returns of positive advances above the EMA 5 and 20 or even above U$42,380 and U$42,666, for the Bitcoin price to return with its attempts of the positive evolutions above U$43,000, for the next sessions.

A Daily closing was made above the U$42,070 price area.

For today a close above the $42,220 price area would be of extreme importance.

Sellers remain in control of the situation and continue to attempt to continue the downside downward movement from the LTA in the $41,400 price area.

Buyers will have to defend the $41,000 price area, as below this price area sellers will continue the downside downside downward from the $40,780 and $40,220 price areas, and may even go below the $40,000 and look for a new bottom.

Only with the turns of positive advances by buyers with the price of Bitcoin up the price areas of U$42,000 and U$42,500 to get out of a risk area of continuities created by sellers below U$41,000.

Major Resistance areas - U$ 42,150, U$ 42,780 and U$ 43,120.

Major Support areas - U$ 41,500, U$ 41,120 and U$ 40,776.

H4 chart :

Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.

It will be of utmost importance that the Bitcoin price makes a resumption of positive developments above the EMA 5 or even above the price area of $42,000 and $42,220 for the next few sessions, to get out of a risk area of downside continuities below $41,000.

If the price of Bitcoin follows below the LTL or even below the $41,500, the downside corrections could extend down to the $41,000 and $40,780 price area, and thus breaking a possible double bottom pattern; which would be of extreme importance for the bullish resumption upwards from the $42,500 and $43,000 price area.

Follow the buyers in their attempts to stop the sellers above the $41,500 price area.

The chart on H4 will follow all week to have a parameter of Bitcoin's Price Evolution. Only a few adjustments will be made.

Resistances: U$ 42,123 // U$ 42,849 // U$ 43,561 // U$ 44,081.

Supports: U$ 41,562 // U$ 40,781 // U$ 40,055 // U$ 39,357.

https://www.tradingview.com/x/ZsU9q2hZ/

H1 chart :

Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.

Bitcoin price needs to hold above the $41,000 price area, in order to not have the continuities of negative corrections below the next bottom formed in the $40,723 price area.

Ideally, the Bitcoin price would make a new bottom in this price area that is at U$41,500 and return with its positive developments upwards to U$42,000 and U$42,500.

If the Bitcoin price does not manage to come back with positive developments at least above $42,000 and stay in strong consolidations above this price area, the downside corrections could continue below $41,000.

It will be of extreme importance for buyers to defend the LTA, as below it, sellers will gain more strength and continue the downside downgrades below $41,000 and $40,666.

It follows the buyers in the fight with the sellers to try to keep the Bitcoin price above the LTA.

Resistances: U$ 41,901 // U$ 42,140 // U$ 42,385 // U$ 42,666.

Supports: U$ 41,625 // U$ 41,251 // U$ 40,908 // U$ 40,559.

https://www.tradingview.com/x/oSDjTu63/

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Nº 439