Bitcoin Price Evolution Analysis 11.19.2021

by CSM TRADER                                                                                                                

 Nº 467

BTC price U$ 56.810.  

Price USD/BRL R$ 5.55.

Price EUR/BRL R$ 6.28.

Price Gold 1g R$ 331.72.

Good morning to all readers.

The Bitcoin lightning network has reached a new record high. With the recent rise and adoption of BTC occurring during the year, the need for a lightning network has grown. This has led to a large growth in the network. Liquidity on the lightning network has reached several highs this year and this is just another addition to the list.

Facilitating fast, efficient and cheap transactions has been the driving force behind the network's success. The record highs reached this year show that adoption is growing and represents a crucial starting point for digital assets going forward.

Recently the lightning network reached highest point with Bitcoin shows how much it has grown since its inception. It also shows that the network is becoming increasingly important due to the amount of liquidity that is now present in it. With a record 3,225 BTC already on the network, it is more or less the evidence of adoption in recent months.

The Bitcoin price follows me downtrend below the $60,000 price area and below the 100 EMA (H1).

The Bitcoin price in past sessions has given the continuities of negative corrections downward from the $59,000, $58,000, $57,000, $56,000 price areas and even testing the $55,604 price area.

Now at the time of writing the Bitcoin price is tracking in the U$56,890 price area.

The Bitcoin price just now tried to stay above the EMA 20 (H1) but without success.

It would be of utmost importance that the Bitcoin price manages to stay above the EMA 20 (H1) for a few sessions, so that further consolidations can be made and possible positive developments upwards of the U$57,000 and U$57,500 price areas can be made.

If the Bitcoin price fails to advance in the short term above the EMA 20 (H1) or even in the price area of U$57,550 the negative corrections will continue below the last formed in the price area of U$55,604 and could still break through it and go below the price areas of U$55,000 and U$54,780, where a new bottom in the price area of U$53,666 could be formed.

Only with the positive advancements back above the EMA 20 (H1) and still above the U$57,500 and U$58,000, for the Bitcoin price to get out of a risk area of the downside continuities to below the U$56,500 and 56,000 price areas; or stay in consolidations above the bottom.

A Journal close was made above the U$56,920 price area.

For today, a close above the $56,000 price area would be important.

Only with a close above the price area of $57,880 to change the trend.

Buyers are not getting the necessary developments with the Bitcoin price up above the U$57,000 price area.

It would be very important for buyers in the near term to achieve these positive developments above U$57,000 and they will still have to keep the Bitcoin price above the U$57,500 resistance in consolidations to provide the continuities of positive advances above U$58,000 and U$58,320.

If buyers fail in these attempts at the positive advances upwards of U$57,000 and U$57,500, sellers will continue to create the downsides downwards of U$56,500 and U$56,000 where they may go for a breakout at the bottom of U$55,600.

Major Resistance areas - U$57,000, U$57,500 and U$57,920.

Major Support areas - U$56,500, U$56,000 and U$55,600.

Chart D1 :

Bitcoin price needs to hold above the EMA100 (white line) to not go in search of the EMA 200 (pink line) where it is quoted in the $49,150 price area, now at the time of writing.

Bitcoin price is already tracking below the EMA 50 (gray line) and could go for test at the EMA 100 where if it opens a candle below it, the possibilities of searching for the EMA 200 could occur.

Only with the turns of the positive developments back above the EMA 50 for the Bitcoin price to leave a risk area of the continuities of the negative corrections for the 1st test at the EMA 100.

https://www.tradingview.com/x/NXsLJ2pU/

H4 chart :

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

Bitcoin price needs to hold above the $56,000 price area for the next few sessions for the possible attempts of positive developments back upwards to the $57,000 price area.

If the Bitcoin price breaks through the $56,000 price area again, negative corrections will be tested at the bottom formed at the $55,604 price area and may extend negative corrections below $55,000.

Follow the buyers in the attempts to keep the Bitcoin price above the $56,500 price area which will be of extreme importance for the next sessions.

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$ 57.509 // U$ 58.157 // U$ 58.846 // U$ 59.672.

Supports:      U$ 56,028 // U$ 55,460 // U$ 54,613 // U$ 54,003.

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

H1 chart :

The price of Bitcoin follows above the EMA 5, but follows below the EMAs 20, 50, 100 and 200 and below the Ichimoku Cloud.

It would be very important if the Bitcoin price could advance and stay above the EMA 20 for the next session, so that new consolidations can be made above it and with that the possibilities of positive advances above $57,500 and $58,000 could arise, and even extend above $58,120.

On the other hand, the Bitcoin price has already encountered the difficulties of these positive advances above the EMA 20 and looks set to break below the EMA 5 where downside corrections could again extend below $56,500 and $56,000. 

Only with these positive advances above the EMA 20 (yellow line) for the Bitcoin price not to continue with negative corrections below the $56,000 and $55,500 price areas.

Sellers continue in attempts to advance on the downside below the U$56,000 and U$55,500 where the possibilities of the downside continuations below the U$55,000 could arise.

Resistances: U$57,086 // U$57,520 // U$57,849 // U$58,272.

Supports: U$ 56,683 // U$ 56,323 // U$ 55,878 // U$ 55,518.

https://www.tradingview.com/x/EwlQ3nhA/

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Nº 467