Bitcoin Price Evolution Analysis 10.26.2021

by CSM TRADER                                                                                                                

 Nº 454

BTC price U$ 62.670.  

USD/BRL price R$ 5.55.

Price EUR/BRL R$ 6.45.

Price Gold 1g R$ 325.20.

Good morning to all readers.

Bondly says that its official Ethereum to Cardano bridge will allow creators to choose a greener blockchain for their NFTs. Creators are able to move their NFT creations from the Ethereum blockchain to the Cardano blockchain using this bridge.

In terms of energy efficiency, the Cardano blockchain is four million times more efficient than Bitcoin. Ethereum is said to use the energy equivalent of Colombia, while Cardano's energy usage ends up being equivalent to that of a family home. Thus providing a greener, more environmentally friendly network for creators who are concerned about the environmental impact of using blockchain. Bondly announced that through this partnership with IOG, it will be able to provide NFT creators with a way to simply transfer NFTs minted on the Ethereum blockchain to Cardano without the risk of losing a transaction or paying high fees for transfers.

The Bitcoin price is still in an uptrend above the $62,120 price area and above the 100 EMA (H1).

The Bitcoin price in past sessions has continued upwards from the $63,000 and $63,500 price areas, even testing the $63,795 price area.

After this test in the U$63,795 price area and failing to move positively above the U$64,000 price area, the Bitcoin price went into negative corrections up to the U$62,244 price area, and returned to positive developments above U$62,400.

Now at the time of writing, the Bitcoin price is tracking in the U$62,665 price area.

It will be necessary for the Bitcoin price to resume positive advances upwards from the U$62,880 and U$63,360 price areas for the next few sessions, to enter consolidations above U$63,120 and return to attempts at continuities to break out of the U$64,000 and U$64,320 price areas.

If the Bitcoin price succeeds in these positive moves above $64,000, the continuity of positive moves could continue upwards to $64,500 and $65,000.

If the Bitcoin price fails to make positive moves above $63,340 and $64,000, negative corrections will return below the $62,500 and $62,000 price areas, where a test in the $61,780 and $61,220 price areas could occur, and even extend below $60,780.

Only with continued positive developments above the $63,320 price area will the Bitcoin price break out of a risk area of continued negative corrections below $62,000.

A Daily closing was made above the price area of $63,127.

A continuation of the Journal close above the U$63,320 price area is important for today.

Ideally, a close above the price area of $64,000 would be ideal.

A close below the $62,000 price area could extend the downside corrections below $61,220 and $61,000.

Buyers remain in control of the situation, but need to get above the $63,320 price area to stay out of trouble with sellers below $62,000.

Major Resistance areas - U$62,880, U$63,220 and U$63,560.

Major Support areas - U$62,500, U$62,220 and U$61,880.

H4 chart :

The price of Bitcoin follows above the EMAs, however it follows inside the Green Ichimoku Cloud.

It will be of utmost importance that the Bitcoin price breaks out above the Ichimoku Cloud for attempts to continue positive developments above it, and with that, the possibilities of positive advances above the $63,500 and $64,000 price areas can emerge.

If the Bitcoin price fails to make these advances above the Ichimoku Cloud, the negative corrections could go below the Ichimoku Cloud and extend below $62,000 and $61,500.

Of extreme importance for the Bitcoin price to follow above the EMA 100 (white line).

Follow the buyers in their attempts to continue the positive developments above $63,000.

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$ 63,314 // U$ 64,095 // U$ 65,081 // U$ 65,862.

Supports: U$ 62,514 // U$ 61,807 // U$ 61,007 // U$ 60,337.

https://www.tradingview.com/x/RjLlqO1Y/

H1 chart :

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

It is necessary for the Bitcoin price to continue its positive developments above the $62,440 price area so that positive advances above $63,000 and $63,220 can occur in the near term, and also for the Ichimoku Cloud to continue climbing for attempts to break through $64,000 and $64,220.

Above U$ 63,120 the Bitcoin price needs to hold for further consolidations to take place and with that the positive developments above U$ 63,500 and U$ 63,780 will emerge.

If the Bitcoin price fails to clear the U$63,340 price area the negative corrections could come back with forces down to U$63,000 and U$62,500.

Buyers need to keep the Bitcoin price above $62,900 for the next few sessions to be successful in continuing the positive developments above $63,500 and $64,000 and thus renewing the previous top.

Follow the buyers already in the U$63,024 price area, now at the time of writing.

Resistances: U$ 63,180 // U$ 63,482 // U$ 63,761 // U$ 64,154.

Brackets: U$ 62,712 // U$ 62,357 // U$ 62,040 // U$ 61,716.

https://www.tradingview.com/x/zqL4YVro/

Yesterday's chart :

https://www.tradingview.com/x/sBFfYS9Q/

Dominance 46.63 %.

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Nº 454