Bitcoin Price Evolution Analysis 10.11.2021

by CSM TRADER                                                                                                                

 Nº 463

BTC price U$ 65,220.  

Price USD/BRL R$ 5.49.

Price EUR/BRL R$ 6.29.

Price Gold 1g R$ 324.90.

Good morning to all readers.

Mastercard has been increasing its stake in the bitcoin space lately. The payment processor, alongside its rival Visa, has realized that the future of payments will happen on the Blockchain, so better to get in now than later. This has put MasterCard at the forefront of development on the cryptocurrency payments side, driven by its huge resources that can be invested in research.

The latest in a long line of innovation in the crypto space is the launch of crypto payment cards in Asia-Pacific. The cards will help accelerate MasterCard's efforts to enable crypto payment worldwide, along with buying and selling its cryptocurrencies. Users will be able to spend bitcoin and other digital currencies using the card in Asia-Pacific. Mastercard has partnered with leading digital currency companies in the region to bring this service to their customers. Coinjar , Amber Group and Biktub form the "power" trio, together with Mastercard, responsible for making the cards a reality.

Crypto Mastercards were not previously available at APAC. However, these three companies have joined Mastercard's Crypto Card Program, a program developed by the company to enable crypto companies to offer secure and compliant crypto payment cards to residents of the region.

The price of Bitcoin follows me downtrend below the $63,400 price area, below EMA 100 (H1) and below the Ichimoku Cloud Base Line.

The Bitcoin price in past sessions even made another new ATH which was at the $69,198 price area, but came up short in the continuities of staying above the $68. 800, and with that, a Double Top was made on the H4 where strong negative corrections came down to the price areas of $68,000, $67,000, $66,000, $65,000, $64,000, $63,000 and even testing the $62,400 price area. A correction of more than $7,000 in 4 hours, where many LONG positions were liquidated.

After this major correction the price of Bitcoin returned with positive developments to above $63,000 and $64,000 where it has already tested the price area of $65,654.

Now at the time of writing the Bitcoin price is in the $65,234 price area.

The price of Bitcoin will face the 100 and 20 EMAs (H1) and the resistance of the Ichimoku Cloud's Base Line (red line) where it will have to start opening candles and consolidate above it, so that new positive evolutions can emerge and advance above the price areas of $65,500 and $66,780, for possible tests in the price area of $67,000. It will be a long, hard slog for this feat; or send those strong legs upward all at once, which then end up all back up again.

But the Bitcoin price is still in attempts to stay above the EMA 5 (H1) which doesn't look like it will make it for the next few sessions.

The Bitcoin price may still go for a test at the bottom formed at the $64,444 price area where the EMA 200 still remains as support.

Breaking the EMA 200 the downside corrections will go to test in the U$62,200 price area where the last bottom of the correction was.

Below this of $62,200 the downside corrections will gain more strength and could go below the price areas of $62,000 and $61,666, where tests for a new bottom at $60,000 could arise.

Only with the turns of the positive developments above the Ichimoku Cloud Base Line (red line), for the Bitcoin price to get out of a risk area of the continuities of the negative corrections below the EMA 200 (pink line), or even below the price area of $64,120; or a Double Bottom on top of the EMA 200.

A close of the Journal above the $64,900 price area was made.

A close above the $64,000 price area would be important for today.

Buyers managed to make yet another new ATH with the Bitcoin price in the U$69,198 price area.

The buyers lost control of the situation as they failed to make the continuities and were unable to keep the Bitcoin price above the U$68,500 price area.

The sellers got into control of the situation and sent the Bitcoin price to the $62,400 price area.

It will be extremely important for buyers to keep for the next few sessions the Bitcoin price in consolidations above the 200 EMA (pink line) which is quoted in the U$64,444 price area at the time of writing.

Only above U$ 65,800 and U$ 66,000 for buyers to begin to regain control of the situation again.

Major Resistance areas - $65,550, $65,860 and $67,120.

Major Support areas - $64,910, $64,444 and $64,000.

H4 chart :

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

The price of Bitcoin needs to stay above the EMA 50 so that negative corrections do not occur below it, and going in search of the EMA 100 or even testing the $62,400 price area.

Only with the returns of the positive evolutions upward of the Ichimoku Cloud Base Line and the EMA 5 and 20 for the Bitcoin price to leave a risk area of the continuities of the negative corrections below the EMA 50 where there have already been three tests in it.

Follow the buyers in attempts to keep the Bitcoin price above the $64,400 price area or even above the EMA 50.

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$ 65,704 // U$ 66,567 // U$ 67,196 // U$ 67,789.

Supports: U$ 64,209 // U$ 63,056 // U$ 62,068 // U$ 61,056.

https://www.tradingview.com/x/MrB47Djl/

H1 chart :

Bitcoin's price follows above the 200 EMA and a little above the 5 EMA, but it follows below the 100 and 20 EMAs and below the Ichimoku Cloud Base Line.

The Bitcoin price would need to come back with positive advances above the EMAs 100 (white line) and 20 (yellow line) and still be able to break through the Ichimoku Cloud Base Line (red line) and stay above it with further consolidations for the returns of positive advancement attempts above $67,000 for the next few sessions.

But it seems that the Bitcoin price is finding the difficulties of holding above the EMA 5 and following above the EMAs 100 and 20.

If the Bitcoin price were to open a candle below the EMA 5 the downside corrections could come back to test breakout at the EMA 200 (pink line); where once broken the downside corrections could go to the downside of the $64,220 and $64,000 price areas.

Only above the EMA 200 and still making a Double Bottom, for the Bitcoin price to attempt to advance above the EMA 100 and 20 and still surpass the Ichimoku Cloud Base Line.

Follow the buyers now at the time of writing trying to keep Bitcoin price above the EMA 5, where the Ichimoku Cloud Conversion Line (blue line) could serve as support n short term.

Resistances: U$ 65,508 // U$ 66,002// U$ 66,386 // U$ 66,888.

Supports: U$ 65.115 // U$ 64.722 // U$ 64.296 // U$ 63.869.

https://www.tradingview.com/x/6UvJ5Vjy/

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Nº 463