Bitcoin Price Evolution Analysis 10.01.2021

by CSM TRADER                                                                                                                

 Nº 442

BTC price U$ 46.800.  

USD/BRL price R$ 5.44.

Price EUR/BRL R$ 6.30.

Price Gold 1g R$ 307.27.

Good morning to all readers.

Bitcoin price continues in an uptrend above the U$ 43,100 price area and the 100 EMA (H1).

The Bitcoin price in the past sessions after completing a nice double bottom in the price area of U$40,883, came back with its strong positive developments upwards from the price areas of U$41,000, U$42,000, U$43,000, U$44,000 and just now had a strong positive developments upwards from the price areas of U$45,000, U$46,000 and reaching to test price area of U$47,925. And thus making a nice clean up and a nice bullish leg.

Now at the time of writing, the Bitcoin price is tracking in the U$47,208 price area.

The Bitcoin price needs to stay above the $46,500 price area after this bullish leg to not give it all back.

With the Bitcoin price above U$ 46,500 and U$ 47,000 further consolidations will happen and the odds of continued positive advances above U$ 47,780 and U$ 48,220 will emerge and may still go to test in the U$ 49,000 and U$ 50,000 price area.

If the Bitcoin price enters negative corrections to below U$ 46,500, the negative corrections could come back stronger to below U$ 46,220 and U$ 45,780, or above EMA 5 (H1).

It will be of utmost importance after this bullish leg, that the Bitcoin price remains above U$ 46,780 and U$ 46,500 for the possible continuations of positive developments above U$ 48,000 and U$ 49,000.

A Daily and Weekly close was made above the $43,750 price area.

For today a close of the Daily above the $46,500 price area would be nice.

Buyers remain in full control of the situation above the EMA 100 (H1), or even above the $44,500 price area.

After this bullish leg that buyers have taken leaving the $44,888 price area and going within minutes to the $47,925 price area, they will need to hold Bitcoin's price above the $46,780 price area.

If buyers fail to continue consolidations and positive developments above $46,500, sellers will take control of the situation where they can create the downside below $46,220 and $45,780.

Only with the Bitcoin price above the EMA 5 and 20 for buyers to continue the positive developments above U$ 47,780 and U$ 48,360, and go for the tests in the U$ 49,000 price area.

Major areas of Resistance - U$47,500, U$48,000 and U$48,260.

Major Support areas -          U$47,000, U$46,500 and U$46,120.

H4 chart :

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

Bitcoin price after this bullish leg up above the U$47,000 price area, should hold above U$46,500 and U$47,000, not to give everything back below U$47,000 and U$46,220.

Only above $48,000 and with new consolidations above this, for the Bitcoin price to continue the positive developments upwards to $48,500 and $49,220.

The breakout test in the price area of U$ 50,000 could happen if the Bitcoin price stays above U$ 48,220 for the next sessions, or give the continuities of these bullish leg and stay in small consolidations, and bullish leg and stay in small consolidations and thus evolving upwards to U$ 49,780 and U$ 50,000.

Buyers are still trying to continue with positive developments above $47,000, which will be extremely important for them not to lose this price area to sellers.

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

Resistances: U$ 47.544 // U$ 48.319 // U$ 49.037 // U$ 49.683.

Supports: U$ 46,715 // U$ 45,959 // U$ 45,093 // U$ 44,503.

https://www.tradingview.com/x/nf79V9xe/

H1 chart :

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

The Bitcoin price needs to continue the positive developments above the $47,000 and $46,500 price area for the next few sessions, and go for a test at $48,360 and $48,780 and thus getting further consolidations above $47,220, not to enter into negative corrections below $46,220 and $45,780.

If buyers fail in the short term with positive advances above $47,500 and $47,780 with the Bitcoin price, sellers will take advantage and create the downside below $47,000 and $46,780, where buyers will have to defend the $46,500 price area, so as not to have further downside created by sellers below $46,000.

Follow the buyers in their attempts to give the continuities of the positive advances above the U$47,500 and U$47,780.

Resistances: U$ 48,038 // U$ 48,813 // U$ 49,529 // U$ 50,244.

Supports: U$ 47.118 // U$ 46.537 // U$ 45.955 // U$ 45.328.

https://www.tradingview.com/x/fQB6mOee/

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Nº 442