Bitcoin Price Evolution Analysis 11.18.2021
by CSM TRADER
- 465
BTC price U$ 59.760.
Price USD/BRL R$ 5.52.
Price EUR/BRL R$ 6.27.
Price Gold 1g R$ 329.46.
Good morning to all readers.
Fidelity Clearing Canada (FCC) released a press release on Wednesday introducing the announcement. The release quickly notes that the FCC is "Canada's first Investment Industry Regulatory Organization of Canada (IIROC) regulated entity to offer this dedicated digital currency custody and trading solution to institutional investors, including mutual funds and exchange-traded funds."
FCC Chairman Scott Mackenzie said in the statement that "the demand for digital asset investments is growing considerably and institutional investors have been looking for a regulated dealer platform to access this asset class. This announcement opens that door for investors. Until now, Canadian investors have had to turn to mutual funds and ETFs for exposure to crypto. In addition, the bitcoin funds available in Canada so far have been offered by US-based custodians.
The Bitcoin price is still in a downtrend at below the $61,000 price area and below the 100 EMA (H1), quoted at the $61,500 price area.
The price of Bitcoin in past sessions has been in consolidations between the $59,500 and $60,600 price areas, where there have been attempts at positive moves above the $61,000 price area and above the 50 EMA, only to test the $60,999 price area.
Failing these positive moves above the $61,000 price area, the Bitcoin price returned with its negative corrections downward from the $59,500 price area, and even testing the $59,002 price area, where a bottom was formed.
Now at the time of writing the Bitcoin price is tracking in the $59,652 price area.
The Bitcoin price needs to hold above the last bottom formed in the $59,000 price area, so as not to go for the breakout of the next bottom formed in the $58,336 price area and continue with negative corrections downwards from $58,000 and $57,666.
Only with the continuities of consolidations above the price area of U$ 59,000, staying above the Base Line of the Ichimoku Cloud (H1) (red line) and still maintain the scaling of the Cloud on the outside; for the Bitcoin price to get a breach in the Ichimoku Cloud to return to the attempts of the positive advances above the price areas of U$ 61,000 and U$ 61,500, and so the possibilities of leaving above the Ichimoku Cloud could occur; which would be in the medium term.
On D1 the Bitcoin price has already tested the EMA 50 3 times which could trigger the negative corrections below it on a next breakout attempt. Ideally, the Bitcoin price should continue to climb the Ichimoku Cloud above it so as not to enter strong negative corrections and go for the EMA 100, quoted now at the time of writing in the $54,383 price area.
A close of the Journal was made above the price area of $60,366.
A close above the $60,000 price area would be important for today.
Sellers remain in control of the situation where they want to continue the downside down below the $59,000 price area.
Buyers will have their work cut out for sellers above the $59,500 and $59,000 price area, as below $58,780, sellers will gain more strength and go for test breakout in the $58,366 and $58,000 price area.
Sellers continue with the aim of testing the U$55,000 price area in the medium term.
Only the return of positive developments above the 5 and 20 EMAs for buyers to get out of a risk area of continued downside created by sellers to below $59,220.
Major areas of Resistance - U$59,850, U$60,120 and U$60,500.
Major Support areas - U$59,000, U$58,680 and U$58,120.
D1 chart :
Bitcoin price has already tested the EMA 50 3 times which could trigger the negative corrections below it on a next breakout attempt.
Ideally, the Bitcoin price should continue to climb the Ichimoku Cloud on top so as not to enter strong negative corrections and go for the EMA 100, quoted now at the time of writing in the $54,383 price area.
H4 chart :
Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.
Bitcoin price would need to come back with positive advances above the EMA 5 (green line) and consolidate, to return to the attempts of the LTB breakout at $60,400.
If the Bitcoin price breaks the LTB the downside corrections will negatively advance below the $59,000 price area and go in search of the $58,300 and $58,000 breakout.
Only with a strong positive advance above $60,220 will the Bitcoin price break out of a risk area of continued negative corrections below $59,000 and $58,500 for the next few sessions.
It follows buyers trying to keep the Bitcoin price above the $59,000 price area.
The chart in H4 will follow the whole week to have a parameter of the Bitcoin Price Evolution. Only a few adjustments will be made.
Resistances: U$ 59,960 // U$ 60,814 // U$ 61,630 // U$ 62,427.
Supports: U$ 58,860 // U$ 58,101 // U$ 57,380 // U$ 56,640.
https://www.tradingview.com/x/UAIM7vmR/
H1 chart :
Bitcoin price follows below the EMAs and below the Ichimoku Cloud.
Bitcoin price follows below the Red Ichimoku Cloud which could trigger continued downside corrections below the U$59,000 and U$58,780 price areas for the coming sessions.
Only with turns and consolidations above the Ichimoku Cloud Base Line (red line), for the Bitcoin price to attempt the evolutions and consolidations within the Ichimoku Cloud, which I think is unlikely for the next few sessions.
The Bitcoin price will have to pull below the EMA 5 and 20 and also the Conversion Line of the Ichimoku Cloud in order to come back with consolidations above them and go above the $61,000 and $62,000.
Buyers are still trying to keep Bitcoin's price above U$ 59,000, which will be of extreme importance for the next sessions.
Resistances: U$ 59,537 // U$ 59,919 // U$ 60,251 // U$ 60,663.
Supports: U$ 59,084 // U$ 59,712 // U$ 58,310 // U$ 57,887.
https://www.tradingview.com/x/d5ff5X84/
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Nº 466
