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Bitcoin Price Evolution Analysis 11.05.2021

By CSM TRADER | CSM TRADER | 11 May 2021


Bitcoin Price Evolution Analysis 11.05.2021

by CSM TRADER                                                                                                                

 nº351

 BTC price U$ 55.960.  

BTC price at Braziliex R$ 295.999.

USD/BRL price R$ 5.22.

Price EUR/BRL R$ 6.35.

Price Gold 1g R$ 309.18.

 

Good morning to all readers.

Bitcoin price is still in a downtrend below the U$57,000 price area and the EMA 100 (H1).

The Bitcoin price in the past sessions after the double top pattern, gave its continuation of negative corrections below the U$58,000, U$57,000, U$56,000 U$54,000 price areas and even testing the U$53,397 price area.

Now at the time of writing the price of Bitcoin follows in the price area of U$ 56,080, and tries the positive developments upwards from the resistance of U$ 56,500.

It will be extremely important this advance upwards from the price area of U$ 56,500, so that the Bitcoin price does not return with its negative corrections below U$ 56,000, and go in search of the last bottom formed in the price area of U$ 53,397, where still, the possibilities of advances of the negative corrections could extend below the U$ 52,000 and go in search of the U$ 51,500 and U$ 50,500.

Only a good, consolidated advance above $57,000 and with further consolidations above the 100 EMA (H1), for the Bitcoin price not to enter negative corrections below $56,000 again.

If the Bitcoin price achieves these positive advances above U$57,000 the tentative laps to the breakout of U$59,500 will emerge again.

A daily close was made below the U$ 56,000 price area.

For today a daily close above the $56,500 price area would be very important to invalidate the continuation of negative corrections below $56,000 and $55,500.

 

Sellers are still in control of the situation and hindering buyers' attempts to make positive moves above the $56,500 price area.

Buyers are trying to make the break of $56,500; if they fail once again in these positive moves above $56,500, sellers will continue the negative moves below $56,000 and $55,500, where the possibilities of continuing the negative moves below $54,000 and $53,500 could arise.

Follow the buyers in the attempts of the positive evolutions upwards of U$ 56,220 and U$ 56,500.

 

Bitcoin TODAY at Braziliex: H1

The Bitcoin price today on Braziliex is still trending down below the R$308,000 price area.

The Bitcoin price on Braziliex is not making the necessary advances above the $306,000 and $308,500; and with that the downside corrections have extended below the $300,000, just now testing the $293,000 price area.

Now at the time of writing the Bitcoin price on Braziliex is tracking in the R$ 302,999 price area.

It will be necessary for the price of Bitcoin on Braziliex to return with its consolidations at least above the R$ 304,666 price area, for the turns of positive advancement attempts above the R$ 306. 500, and with that, get out of a risk area of possible continuities of the negative corrections below the R$ 300,000 and R$ 294,000, where, the possibilities of advancing below the last bottom formed in the price area of R$ 293,000 may arise, and still, extend below the R$ 290,000 and R$ 288,666.

It follows buyers in the difficulty of positive advances above the R$ 304,000, where if they fail in these attempts sellers will gain strength and may again create the downside below the R$ 300,000 and R$ 296,680.

Resistances: R$303,010 // R$305,177 // R$307,343 // R$308,954. 

Supports: R$ 299,900 // R$ 296,845 // R$ 293,234 // R$ 290,179.

https://www.tradingview.com/x/v7jWs1J4

 

H4 chart:

Bitcoin price follows above the VWAP and inside the Ichimoku Cloud, however, it follows below the EMAs.

It would be necessary for the Bitcoin price to return to its positive developments if it were to advance to above the Ichimoku Cloud, but in the short term it is looking difficult for this to be completed.

If the Bitcoin price doesn't get the positive moves up the 200 and 5 EMA for the next few sessions, the possibilities of continued negative corrections below $56,000 could continue and even go below $55,666.

Buyers need the advances above the 200 EMA to get out of a risk area of further declines, where sellers could continue the downside downwards to $56,000 and $55,500.

Buyers continue to fight with sellers to try to make positive moves above the 200 EMA, where the 200, 5 and 100 EMAs are crossing.

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$ 56.244 // U$ 56.943 // U$ 57.551 // U$ 58.237.

Supports: u$ 55,338 // u$ 54,679 // u$ 53,902 // u$ 53,191.

https://www.tradingview.com/x/73RAkbPW/

 

H1 chart:

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

Bitcoin price needs to move above the EMA 50 for the next few sessions and continue consolidations above it.

If the Bitcoin price fails in this attempt of positive developments above the EMA 50, negative corrections could come back below $56,000 and $55,500 where the possibilities of negative advances below $55,000 could arise.

Only a good advance above the resistance of $56,500 and $57,000 for the Bitcoin price to return with its positive developments and attempts to break through $59,500.

It follows that the buyers trying to keep the Bitcoin price above the EMA 5 for the next sessions still needed a good evolution above the EMAs 20 and 50.

It will not be easy for buyers these evolutions, unless they force a nice movement of positive evolutions in the very short term, for the attempts of positive evolutions above U$ 56,500, and still need to keep the Bitcoin price stabilized above U$ 56,600.

Resistances: U$ 56,216 // U$ 56,972 // U$ 57,284 // U$ 57,874.

Supports: u$ 55,569 // u$ 54,993 // u$ 54,403 // u$ 53,616.

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

 

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 10 level and with a bullish bias.

https://www.tradingview.com/x/m9vshgNJ/

MACD: The MACD on BTC's chart time is at the negative -358 level and with a bearish bias.

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

OBV: The OBV on BTC's H1 chart time is at the 2.042 level and has a bearish bias.

https://www.tradingview.com/x/xw4p0F4O/

 

M5 chart:

Bitcoin price is tracking below the BB centerline and below the VWAP and is inside the Ichimoku Cloud.

Only a good, strong advance above the Ichimoku Cloud will get Bitcoin price back on track with its positive developments above $55,520.

Follow the sellers in the continuities of the downside below the U$ 56,000 and U$ 55,500, where the possibilities of continuing these negative corrections below the U$ 55,000 and U$ 54,000 could arise for the next sessions.

https://www.tradingview.com/x/GkpCOb5t/

 

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nº351

 

 

 

 

 

 

 

 

 

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CSM TRADER
CSM TRADER

I'm a graphic analyst


CSM TRADER
CSM TRADER

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