Bitcoin Price Evolution Analysis 10.07.2021

by CSM TRADER                                                                                                                 

 Nº 446

BTC price U$ 50.024.  

USD/BRL price R$ 5.49.

Price EUR/BRL R$ 6.35.

Price Gold 1g R$ 311.95

Good morning to all readers.

The price of Bitcoin is still in an uptrend above the price area of $51,200 and well above the 100 EMA (H1).

The price of Bitcoin in the past sessions has continued its positive developments strongly above the price areas of $52,000, $53,000, $54,000, $55,000 and $56,000, even testing the $56,416 price area.

After this test at U$ 56,416, the Bitcoin price returned with consolidations between the U$ 54,500 and U$ 55,440 price areas.

Failing the turns of the positive advances upwards of U$ 55,500 and U$ 56,000, the Bitcoin price went into negative corrections that follow so far, it has already tested the U$ 53,800 price area.

Now at the time of writing, the Bitcoin price follows in the U$ 54,060 price area.

The price of Bitcoin may still continue the downward corrections to the price area of $53,400 where the Ichimoku Cloud Base Line (Red line) is.

If the Bitcoin price does not stay supported above the Ichimoku Cloud Base Line, the downside corrections could continue below the price areas of $53,120 and $53,000.

At U$ 52,880 is the EMA 50 (H1), where the Bitcoin price will still have strong support.

Most importantly, the Bitcoin price is continuing its positive developments above the Ichimoku Cloud; thus, climbing it from the outside towards the turns of the breakout attempts in the $55,500 price area.

A close of the Journal was made above the $55,260 price area.

For today a good close of the Journal would be above the $54,500 price area.

Ideally, a close above the $55,528 price area would be ideal.

Buyers remain in control of the situation above the 100 EMA (H1).

Buyers need to keep Bitcoin's price for the next few sessions above the U$54,000 and U$53,400 price areas.

If buyers fail in the near term to return with the positive developments to above the U$54,500 and U$55,000 price areas, sellers will take advantage and momentarily get into control of the situation where they can create the downside to below the U$53,000 and U$52,780 price areas.

Major Resistance areas - U$54,340, U$54,880 and U$55,220.

Major Support areas - U$54,022, U$53,500 and U$52,980.

H4 chart :

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

The Bitcoin price needs to continue its positive moves above the EMA 20 in order not to lose all the positive moves and achievements made so far above $51,000.

It will be necessary for the Bitcoin price to continue its positive developments again above $55,000, not to continue negative corrections below $54,000 and $53,500.

The buyers continue with the price of Bitcoin in attempts to continue positive developments above $54,340.

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

Resistances: U$ 54.800 // U$ 55.784 // U$ 56.646 // U$ 57.599.

Supports: U$ 53,785 // U$ 52,770 // U$ 51,931 // U$ 50,806.

https://www.tradingview.com/x/Z3uvNXbB/

H1 chart :

Bitcoin price follows above the 200, 100 and 50 EMAs and above the Ichimoku Cloud, however it follows below the 5 and 20 EMAs.

It will be important for the next few sessions that the Bitcoin price returns with its consolidations and attempts to return to positive evolutions above $55,120.

Only with the return of consolidations and positive developments above the EMAs 5 and 20 for the Bitcoin price to leave a risk area of continued downside for a test at the Base Line of the Ichimoku Cloud.

Follow the buyers in attempts to bar sellers above the $54,000 price area.

Resistances: U$ 54,286 // U$ 54,793 // U$ 55,300 // U$ 55,843.

Supports: U$ 53.852 // U$ 53.236 // U$ 52.644 // U$ 51.884.

https://www.tradingview.com/x/2c25fbu2/

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Nº 446