Bitcoin Price Evolution Analysis 10.19.2021
by CSM TRADER
Nº 449
BTC price U$ 62.228.
Price USD/BRL R$ 5.51.
Price EUR/BRL R$ 6.42.
Price Gold 1g R$ 313.56.
Good morning to all readers.
Bitcoin price is still in an uptrend above the U$61,000 price area and above the 100 EMA (H1).
The price of Bitcoin in the past sessions made a higher top than its previous one in the price area of $62,800, the top being in the price area of $63,088, however it still needs to overcome the higher top in the price area of $63,997 and enter the price area of $64,000 and go for the breakout of the Historic Top in the price area of $64,986.
For the next few sessions, the price of Bitcoin will have to stay above the price area of U$61,650 or even above the EMA 50 (H1); it could extend the downward corrections to the price area of U$61,200 or even staying above the EMA 100 (H1), which will be a higher bottom than its previous one which was made in the price area of U$59,896.
It will be of utmost importance that the Bitcoin price stays above U$61,500 and above the Ichimoku Cloud Base Line, so as not to risk entering negative corrections below U$61,000 and U$59,500.
If the Bitcoin price manages to break through the price area of U$62,500 and U$62,880, the positive developments will go above the price area of U$63,000 and U$63,220, where the Bitcoin price will have to hold in this price area and enter consolidations for the attempts to break through the strong resistance of U$63,500.
Only with continued consolidations and positive advances above the $62,000 and $61,780 price area will the Bitcoin price not correct below $59,880.
A Daily closing was made above the U$62,040 price area.
For today it is important to continue with a close above $62,100.
Ideally, a close above the U$62,500 price area would be ideal.
Major Resistance areas - U$62,500, U$62,880 and U$63,260.
Major Support areas - U$62,080, U$61,760 and U$61,480.
H4 chart :
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
The Bitcoin price needs to hold for the next few sessions above the EMAs 20 and 5 in order not to have further corrections below the EMA 20 and go in search of the EMA 50 (gray line) or even the $59,220 price area.
Only with the continuities above $62,000 for the Bitcoin price to proceed to the breakout attempts of $62,500 and $62,780.
Buyers remain in control of the situation and need to continue positive developments above $62,500 and $62,780 for the next few sessions.
If buyers fail in these positive moves above $62,500 then sellers will take control of the situation where they can create the downside of the $62,000 and $61,680 price areas.
Follow the buyers in their attempts to keep the Bitcoin price above the U$62,120 price area.
The chart in H4 will follow all week to have a parameter of the Bitcoin Price Evolution. Only a few adjustments will be made.
Resistances: U$ 62.564 // U$ 63.100 // U$ 63.565 // U$ 63.973.
Supports: u$ 61.993 // u$ 61.493 // u$ 60.922 // u$ 60.363.
https://www.tradingview.com/x/WX02ON1t/
H1 chart :
Bitcoin price follows above the 200, 100, 50 and 20 EMAs and above the Ichimoku Cloud, however it follows below the 5 EMA.
It will be of utmost importance that the Bitcoin price continues its positive developments and returns to attempts of breaking the resistance at the $62,500 price area, as the possibilities of continued positive developments above $63,000 could occur.
If the Bitcoin price fails to continue positive advances above $62,320 the downside corrections could go as far as the Ichimoku Cloud Baseline (red line), or the $61,500 price area.
The Bitcoin price should not stay below the Base Line, as open candles below the negative corrections could continue, and enter the Ichimoku Cloud.
Follow the buyers in attempts to keep the Bitcoin price above the EMA 20 (yellow line), which will be extremely important, so that sellers do not get into control of the situation where they will go in search of the test at the Base line of the Ichimoku Cloud.
Resistances: U$ 62.209 // U$ 6.378 // U$ 62.566 // U$ 62.721.
Supports: u$ 62.017 // u$ 61.847 // u$ 61.707 // u$ 61.534.
https://www.tradingview.com/x/NNHXXcPs/
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Nº 449
