Bitcoin Price Evolution Analysis 10.20.2021
by CSM TRADER
Nº 450
BTC price U$ 64.033.
USD/BRL price R$ 5.58.
Price EUR/BRL R$ 6.49.
Price Gold 1g R$ 315.96.
Good morning to all readers.
Fundstrat co-founder and Wall Street strategist Tom Lee revealed his expectations for the price of Bitcoin before the end of the year. According to a Bloomberg report, Lee revealed that he had high expectations for the digital asset, which he believes will hit the $100,000 mark by the end of the year, and added that the asset could reach $168,000 before the end of the year.
Lee has always maintained an optimistic stance on cryptocurrencies. He had previously stated that he expected the asset to reach $100,000 this year. Now, Lee seems to be doubling his prediction that he had made in May.
The Bitcoin price is still in an uptrend above the $62,120 price area and above the 100 EMA (H1).
The Bitcoin price in the past sessions after testing at the Ichimoku Cloud Base Line (Red line) or even at the price area of $61,300/$61,500, returned with its positive developments that went above the price areas of $62,000, $63,000 and even testing the price area of $64,500.
After this test in the price area of U$ 64,500 and staying below only U$ 486 of the ATH which is in the price area of U$ 64,986, the Bitcoin price went into negative corrections which went up to the price area of U$ 63,518 or even above the EMA 20 (H1) (yellow line).
Now at the time of writing the Bitcoin price is tracking in the U$64,116 price area.
The Bitcoin price needs to break through the strong resistance in the U$64,500 price area for a new ATH to be made and still extend above the U$65,220 price level.
If the Bitcoin price manages to break through the ATH further consolidations will have to be made above the $65,120 price area for new highs to be made and may still head upwards from the $65,500 and $66,220 price areas for the next few sessions.
On the other hand, if the Bitcoin price fails to positively advance above the U$64,320 and U$64,500 price areas, negative corrections will appear and may follow below the last test made above the EMA 20 (H1) or even in the U$63,500 price area.
Below the EMA 20 (H1) a test at the Ichimoku Cloud Base Line could come again, where it will take the Bitcoin price to the $62,880 / $62,720 price area.
The most important thing for the coming sessions will be for the Bitcoin price to continue its climb above the Ichimoku Cloud so as not to enter further losses and go in search of the 100 EMA (H1).
Only with the continuity of positive developments above the EMA 20 (H1) and above the Ichimoku Cloud, for the Bitcoin price not to enter into heavier corrections, where a Bart Pattern could occur.
It will be of utmost importance to break above the $64,500 price area in the coming sessions.
A Daily closing above the $64,316 price area was made.
For today, it would be important to continue with a close above the $64,220 price area.
Ideally, a close above the ATH would be ideal.
Buyers remain in control of the situation, but need to move beyond the $64,500 price area in order to continue positive moves up to new price levels above $65,000 and $66,000.
If buyers fail, sellers will take control of the situation where they will create the downside of the $64,000 and $63,500 price areas, and the possibilities of a search at the EMA 100 (H1) could occur.
Major Resistance areas - U$64,500, U$64,986 and U$65,360.
Major Support areas - U$63,820, U$63,220 and U$62,780.
H4 chart :
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
The Bitcoin price has just achieved a test above the $64,500 price area reaching test the $64,700 price area, and thus only remaining $286 below the ATH.
For the next few sessions the Bitcoin price looks like it will break through the ATH and make new price thresholds above the $65,220 and $65,500 price area.
It will be of utmost importance that the Bitcoin price stays above the EMA 5 (green line) to not have further downside corrections below U$63,000.
Follow the buyers in their attempts to keep the Bitcoin price above U$64,120, and they will still have to evolve the Bitcoin price above the ATH for the next few sessions in order not to lose the U$63,500 price area to the sellers.
The chart on H4 will follow the whole week to have a parameter of Bitcoin Price Evolution. Only some adjustments will be made.
Resistances: U$ 64.757 // U$ 65.442 // U$ 65.991 // U$ 66.520.
Supports: U$ 64,052 // U$ 63,445 // U$ 62,818 // U$ 61,969.
https://www.tradingview.com/x/1c5IZgR0/
H1 chart :
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
Bitcoin price needs to stay above the EMA 5 and 20 for the next few sessions to give the conditions for the continuities of the positive developments upwards from the ATH and still head to new price levels above U$ 65,220, U$ 65,500 and U$ 66,120.
If the Bitcoin price fails in the short term with positive developments above $64,700 the negative corrections will go below $64,000 and $63,680.
Of utmost importance the continuities and attempts by buyers to move above U$64,700 and U$65,000.
Resistances: U$ 64.500 // U$ 64.707 // U$ 64.951 // U$ 65.227.
Supports: U$ 64,087 // U$ 63,796 // U$ 63,521 // U$ 63,207.
https://www.tradingview.com/x/DAGi4rbH/
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Nº 450
