Bitcoin Price Evolution Analysis 10.21.2021

by CSM TRADER                                                                                                                

 Nº 451

BTC price U$ 65.970.  

USD/BRL price R$ 5.59.

Price EUR/BRL R$ 6.51.

Price Gold 1g R$ 318.60.

Good morning to all readers.

Bitcoin's numbers for the month were nothing short of exceptional. It led the charge for the massive recoveries that were witnessed in the market. The full market recovery was sparked by BTC's upward movement that began at the beginning of the month, and since then, the Large Cap Index has recorded an impressive profit margin. BTC has been at the forefront of the market recovery. The digital asset rose 29% in the month of October. While the Large Cap Index rose 32% in the same period. The recovery strength shown in the price of major currencies such as BTC, ETH, BNB and DOT has been the factor driving the Large Cap Index's success in the market.

The price of Bitcoin is still trending higher above the $63,000 price area and above the 100 EMA (H1).

The Bitcoin price in the past sessions after surpassing the ATH at $64,896, continued its positive developments upwards from the $65,000 and $66,000 price areas and testing the $67,150 price area and with that made the new all-time high ATH.

Then it came to correct negatively making a new bottom in the $64,200 price area.

Now at the time of writing the Bitcoin price is tracking in the $64,720 price area, and has just made a newer bottom than the previous one in the $64,100 price area after a "clean up".

The Bitcoin price needs to continue its consolidations and positive developments above the $65,120 price area where it will have to continue and stabilize above $66,220 so that new attempts of positive advances above $67,000 can occur and with that, continue positive developments above $68,000 and $70,000, and thus making new ATH’s.

It will be of utmost importance that the Bitcoin price continues its climb above the Ichimoku Cloud for the coming sessions.

If the Bitcoin price does not achieve the positive evolutions above the Ichimoku Cloud new tests at the EMA 50 (H1) (gray line) could occur and extend up to the EMA 100 (H1) (white line) where the possibilities of the Bitcoin price breaking out below the Ichimoku Cloud could occur and then the continuities of the positive evolutions above the $67,000 will be delayed.

Only with Bitcoin price continuities above the Ichimoku Cloud, for the Bitcoin price to get out of a risk area of negative correction continuities below the EMA 50 and 100 (H1) or even below the $64,500 and $63,780.

A close of the Journal above the $65,700 price area was made.

A close above the $66,220 price area remains important for today.

Buyers remain in control of the situation and need to come back and continue to keep Bitcoin's price above the U$65,000 and U$65,500 price area for the next few sessions.

If buyers fail in the short term to come back with the Bitcoin price above $65,500, sellers will give the downside continuities to lows of $64,500 and $64,000.

It will be of utmost importance for buyers to bar sellers above $64,000, as below this price area sellers will gain more strength and could continue the downside down to below $63,500 and could test the $62,680 price area.

Major Resistance areas -  U$ 65,500, U$ 66,120 and U$ 66,500.

Major Support areas - U$ 64,100, U$ 63,666 and U$ 63,220.

H4 chart :

The Bitcoin price is tracking above the 200, 100, 50 and 20 EMAs and above the Ichimoku Cloud, but is tracking slightly below the 5 EMA.

The Bitcoin price needs to return with its continued consolidations and positive developments above the $65,000 price area.

Only with the return of the positive developments above $65,500 for the Bitcoin price to have the possibility of positive advances to once again return to attempts above $66,320 and $66,780 and try to find the ATH at $67,150.

The buyers are still trying to get back with their positive moves above $65,000 and $65,220.

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$ 65,369 // U$ 66,124 // U$ 67,068 // U$ 67,760.

Supports: U$ 65,189 // U$ 63,560 // U$ 52,931 // U$ 61,987.

https://www.tradingview.com/x/3NvtuAZ7/

H1 chart :

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

It will be of utmost importance that the Bitcoin price returns with its positive developments and climbs above the Ichimoku Cloud.

If the Bitcoin price continues with the negative corrections that it now follows at the time of writing in the $64,680 price area and a little above the EMA 50, the negative corrections could enter the thinner part of the Ichimoku Cloud and follow below the $64,000 and $63,500 price areas.

Only with the turns of positive developments above the Ichimoku Cloud and above U$65,500 for the Bitcoin price to move out of a risk area of continued negative corrections to below U$64,000.

Resistances: U$ 65,170 // U$ 65,748 // U$ 66,264 // U$ 66,853.

Supports: U$ 64.335 // U$ 63.745 // U$ 63.033 // U$ 62.271.

https://www.tradingview.com/x/iesH7P1Q/

Dominance 47.74 %

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Nº 451