Bitcoin Price Evolution Analysis 11.17.2021

by CSM TRADER                                                                                                                

 Nº 465

BTC price U$ 58.960.  

Price USD/BRL R$ 5.50.

Price EUR/BRL R$ 6.22.

Price Gold 1g R$ 327.54.

Good morning to all readers.

Everyone from individual users to large corporations are talking about the metaverse. The metaverse craze is real, so much so that even Facebook has rebranded to Meta to be relevant in the space.

At first, the hype around the metaverse seemed limited to playing and interacting in virtual reality, but users are doing much more than just playing in the metaverse. Along with in-game accessories, users are also buying virtual lots and properties, with $900,000 being the highest price paid for a virtual lot .

While prices increase over time, so does the interest in virtual land from individuals, real estate companies and other corporations. Represented by coordinates in the metaverse, these properties offer several use cases and the possibilities are endless. For example, they can be vacant lots where developers can build or structures that mimic real-life properties.

Many experts in traditional finance and the real estate world have criticized the amount of money being spent on virtual properties in the metaverse, calling it bizarre to invest in a property where people cannot actually live. In contrast, many other companies are optimistic about the metaverse and have begun offering products that align with their interests in the metaverse. For example, many metaverse real estate companies, such as Metaverse Property, have been created to protect land and property in the virtual real estate space. In addition, companies like Sotheby's are looking to secure land to set up art galleries and museums where they can display their NFTs.

The Bitcoin price is still in a downtrend at below the $60,000 price area of the EMA 100 (H1) which is quoted at the $62,490 price area.

The Bitcoin price in the past sessions failed its positive moves upwards from the U$61,500 price area and came back with the negative corrections downwards from the U$61,000, U$60,000 and U$59,000 price areas.

Now at the time of writing the Bitcoin price is tracking in the U$58,920 price area.

The Bitcoin price would need to return with its positive advances upwards from the U$60,000 and U$60,780 price areas in order for further consolidations to be made for the possible attempts at positive advances upwards from U$61,000 and U$61,500.

But; the Bitcoin price seems headed for deeper tests, heading towards the last bottom formed in the $58,397 price area.

If the price breaks this bottom in the $58,397 price area, the downward corrections will continue towards the next bottom formed in the $57,550 price area.

The possibilities still remain for the continuation of downward corrections to the price areas of $57,000 and $56,780, where it could extend these downward corrections all the way to the $55,550 price area.

Only with the turns of the EMA 5 and 20 (H1) or even above U$60,500 and with the necessary consolidations, for the Bitcoin price to get out of a risk area of the continuities of negative corrections down to below U$58,500 and U$58,000.

A Journal close was made above the price area of $60,050.

For today, a close above the $59,500 price area would be important.

Ideally, a close above the $60,000 price area would be important.

Sellers remain in control of the situation and it appears that they want to continue the downside downwards from the $58,500 and $58,000 price areas for the next few sessions.

It will be of utmost importance that buyers manage to stop sellers above the $58,500 or even above the $58,000 price areas; because below these price areas, sellers will gain more and more strength and continue the downside down to the $57,780 and $57,500 price areas.

The buyers' goal is in the $55,000 price area.

Only above $61,000 for buyers to regain control of the situation and possible positive moves above $61,500 and $62,220 could occur.

Major areas of Resistance - U$59,320 U$59,880 and U$60,220.

Main Areas of Support -       U$59,000, $58,680 and $58,370.

H4 chart :

Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.

The Bitcoin price needs to come back with its consolidations and positive evolutions above the 200 EMA (pink line), so that the possible turns of the positive evolutions move above the $61,500 price areas and get the first test at the Ichimoku Cloud Base Line (red line) quoted at the $62,420 price area.

If the Bitcoin price does not succeed in turning positive developments upward at the 200 EMA, negative corrections could continue below the bottom formed in the $58,397 price area and even extend below $58,000.

Follow the buyers in the difficulties to positively advance the Bitcoin price above $59,500 and $60,000.

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$ 59,737 // U$ 60,548 // U$ 61,302 // U$ 62,307.

Supports: U$ 58,365 // U$ 57,747 // U$ 57,051 // U$ 56,336.

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

H1 chart :

Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.

It would be important for the Bitcoin price to stay and consolidate above the U$60,000 price area again or even above the EMA 20.

The price of Bitcoin now at the time of writing is making that positive breakthrough to clear short areas, the chances of the negative corrections coming back down to below $58,500 again if the Bitcoin price fails to hold above $60,000.

It will be of utmost importance that buyers are now able to keep the Bitcoin price above the $59,500 and $59,000 price areas, or even above the EMA 5, where if they can hold above $60,000 the possibilities of continued positive advances above $61,000 and $62,000 could arise in the medium term.

Follow the buyers in their attempts to keep the Bitcoin price above U$59,666 and play above the EMA 20.

Resistances: U$ 60.726 // U$ 61.364 // U$ 61.968 // U$ 62485.

Supports: U$ 59.813 // U$ 59.278 // U$ 58.640 // U$ 57.916.

https://www.tradingview.com/x/031tyoV9/

Dominance   46.39 %

" Our patience will conquer more than our strength. " ----- Edmund Burke

Continue following My Analysis also on Tradingview:

https://br.tradingview.com/chart/BTCUSDTPERP/BgFospyw/

Make your free card with Bitcoin cashback, on spending from R$10. No need for partners.

By registering with the link you will earn more BTC on your purchases.

https://www.soualter.com.br/abra-sua-conta?c=CHRISTIAN14

Follow My Analysis on Twitter: https://twitter.com/CSM_Trader

Follow My Review on Flipboard: https://flipboard.com/@CSMTRADER007

Follow My Review on publish0x: https://www.publish0x.com?a=nXe0RKLGbx

Mine by playing: https://rollercoin.com/?r=ku32dbof

Nº 465