Bitcoin Price Evolution Analysis 10.11.2021

by CSM TRADER                                                                                                                

 Nº 462

BTC price U$ 66.808.  

Price USD/BRL R$ 5.48.

Price EUR/BRL R$ 6.33.

Price Gold 1g R$ 322.48.

Good morning to all readers.

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The Bitcoin price is still trending and bullish above the $66,000 price area and above the 100 EMA (H1).

The Bitcoin price in the past sessions tried the positive developments up ATH in the price area of U$68,675, but came to fail and started with its negative corrections downwards from the price areas of U$68,000 and U$67,000 and reaching to test the price area of U$66,300, where it made a double bottom and came back with its positive developments upwards from the price area of U$66,500 and reaching to test just now the price area of U$67,190.

Now at the time of writing the price of Bitcoin is still in the price area of $66,840.

The Bitcoin price needs to stay above the EMA 50 (gray line) where it has already been tested and made the bottom, so that it can give the continuities of consolidations and positive developments upwards from the price areas of U$ 67,000 and U$ 67,500.

For these positive advances above $67,500, the price of Bitcoin will have to either go strong or go under the resistance of the Ichimoku Cloud Base Line (red line), which is quoted in the $67,300 price area.

If the Bitcoin price fails to break out of these positive moves above the Ichimoku Cloud Baseline, the downside corrections could come back below the $66,500 price area and look for a break of the EMA 50 (H1) again, which could lead to the return of heavier downside corrections below the $66,220 price area and look for tests at the EMA 100 (H1) (white line), or even the $65,500 price area.

Only with the continuities of positive advances above the EMA 50 (H1) and the breakout of the EMA 20 (H1) and Ichimoku Cloud Base Line, for the Bitcoin price to return with its attempts at positive advances and possibly going for testing at the ATH.

A Journal close was made above the $67,010 price area.

For today it would be important to have a Daily close above the U$66,880 area and price or even above the EMA 50 (H1).

Ideally, a close of the Journal above the $67,500 price area would be important.

Buyers remain in control of the situation and have done a good job of keeping the Bitcoin price above the EMA 50 (H1), after a few attempts by sellers to break through it.

Buyers will now have the hard work of positively advancing above the EMA 20 (H1) and above the $67,500 price area, where the Ichimoku Cloud Base Line (red line) is.

It will be necessary for buyers to achieve these positive advances above $67,500 and the Ichimoku Cloud's Base Line, with fast and heavy advances or undermining it, until they break through, and they still have to break above the Ichimoku Cloud, it could be with several sessions ahead, but the important thing is that buyers continue with consolidations and positive developments above the EMA 50 (H1).

If buyers lose the EMA 50 (H1) sellers will create the downside below the EMA 50 (H1) and go for a break of the EMA 100 (H1) or even below the $65,500.

Major Resistance areas - $67,000, $67,500 and $68,120.

Major Support areas - $66,500, $66,000 and $65,780.

H4 chart :

The Bitcoin price follows above the EMAs 200, 100, 50, and 20 and above the Ichimoku Cloud, but follows a little below the EMA 5.

The price of Bitcoin has tested the LTBs (the second bearish trend line) a few times, but has returned with positive developments above it and continues above the LTBs.

It will be of utmost importance that the Bitcoin price gets back above the EMA 5 and returns with its consolidations above it and thus can return to the positive advancement attempts above $67,000 and $67,500.

If the price of Bitcoin breaks the LTBs it will go for a test at EMA 20 in the price area of U$ 65,800.

Only with the turns of the positive developments upwards of the EMA 5 for the Bitcoin price to get out of a risk area of continuing negative corrections downwards of U$ 66,320.

Follow the buyers in attempts to keep the Bitcoin price above $66,500 and above the LTBs.

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$ 67,214 // U$ 68,258 // U$ 69,504 // U$ 70,268.

Supports: U$ 66,390 // U$ 65,667 // U$ 64,762 // U$ 63,818.

https://www.tradingview.com/x/YgtdTs6n/

H1 chart :

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

It will be of utmost importance that the Bitcoin price continues its positive developments above the EMA 20 so that positive advances and attempts to break through the Ichimoku Cloud Base Line (red line) occur, for the next few sessions.

It will be of utmost importance for this breakout of the Ichimoku Cloud Base Line so that the Bitcoin price can return to the $68,000 price level.

If the Bitcoin price fails to break through, the downside corrections will come back to test the EMA 50 and may break through the EMA 50 to test the EMA 100.

Follow the buyers in their attempts to send the Bitcoin price above the EMA 20, where a candle will have to open above it, so as not to start the difficulties created by the sellers below it.

Resistances: U$ 66,909 // U$ 67,161 // U$ 67,308 // U$ 67,534.

Supports: U$ 66.600 // U$ 66.327 // U$ 66.059 // U$ 65.744.

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

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Nº 462