Bitcoin Price Evolution Analysis 11.23.2021
by CSM TRADER
Nº. 468
BTC price U$ 57.230.
Price USD/BRL R$ 5.58.
Price EUR/BRL R$ 6.29.
Price Gold 1g R$ 326.32.
Good morning to all readers.
A bitcoin whale wallet has been reactivated after almost a decade of dormancy. Wallets being reactivated after long periods of dormancy are no longer new to the market right now. These whale wallets typically carry tens of millions to hundreds of millions of BTC by the time the wallet owners reactivate them. Bitcoins like these were purchased at very low prices, but the upward trend of the market in recent years has turned what were initially thousands of dollars into millions.
This is the case with the most recent bitcoin whale wallet activation, which has seen hundreds of millions moved from a wallet that has recorded no activity for the past eight years. Now the market is speculating what they can do with BTC. This wallet contains no less than 1,299 BTC
The Bitcoin price is still in a downtrend at below the $57,230 price area and the 100 EMA (H1).
The Bitcoin price in the past sessions after failing to make positive advances upwards from the U$60,100 price area, went into negative corrections downwards from the U$59,000, U$58,000, U$57,000 price area and even testing the U$56. 577, and with a clearing of shorts of over 3k it went up to the $59,629 price area, and then back with negative corrections down from the $58,000, $57,000, $56,000 and even testing the $55,250 price area just now.
Now at the time of writing the Bitcoin price is tracking in the U$57,364 price area and trying to overcome the EMA 50 (H1).
It will be important for this resumption of the Bitcoin price above the EMA 50 (H1) to make further consolidations above it, and extend the positive advances above the U$57,750 and U$58,000 price areas.
The Bitcoin price needs for the next few sessions to retake the EMA 100 for further consolidations to be made above it, and for a new top to be formed above the U$60,000 price area.
If the Bitcoin price fails again to form a top above the $60,000 price area, the downside corrections will move back below the $57,000 and $56,000 price areas again, where a breakout at the last bottom formed in the $55,250 price area could occur, and still extend below $54,780 and $54,220.
Only with positive advances and still necessary consolidations above the EMA 50 and 100 (H1), for the Bitcoin price to break out of a risk area of continued negative corrections below U$55,000.
A Journal close above the $56,260 price area was made.
For today an important Daily close above the U$56,000 price area.
Sellers remain in control of the situation and want to take the Bitcoin price to the breakout of the U$50,000 price area.
Buyers need to make a big rally upwards from the $60,000 price area to invalidate this attempt by sellers downwards from the $54,000 price area, as below this price area, sellers will gain more strength and continue the downside downwards from the $52,000 price area.
Only above $60,000 will buyers regain control of the situation and reverse the possible continuation of the downside created by sellers below $54,000.
Major areas of Resistance - $57,500, $58,000 and $58,360.
Major Support areas - $56,500, $56,000 and $55,666.
Chart D1 :
A touch of the EMA 100 is still to come.
It will be of utmost importance that the Bitcoin price stays above the EMA 100 and returns with its positive developments above the U$58,000 and U$60,000 areas.
If the Bitcoin price breaks the EMA 100 the negative corrections will go in search of the EMA 200 quoted in the price area of U$49,477.
Only above the EMA100 for the Bitcoin price not to go to test the bottom of U$ 50,000.
https://www.tradingview.com/x/5fS402Ao/
H4 chart :
Bitcoin price is tracking below the EMAs and below the Ichimoku Clouds.
The Bitcoin price needs to make a resumption of positive moves above the 5 and 20 EMAs in order for it to enter and consolidate above the $58,000 price area, and possibly move positively above $59,000 and $59,500.
If the Bitcoin price fails to advance above the EMA 5 (green line) the negative corrections will continue downward from the last bottom formed in the $55,250 price area and continue below $55,000.
Buyers need to hold off sellers above the $55,500 price area for the next few sessions in order to not have the downside continuities created by sellers below the $55,000 and $54,780 price areas.
Follow the buyers in attempts to keep the Bitcoin price in consolidations above the $56,000 price area and still have to try to open a candle above the EMA 5 for the next few sessions, to get out of a risk area of the continuities of the downside created by the sellers to below the $56,000 and $55,500.
The chart on H4 will follow all week to have a parameter of Bitcoin Price Evolution. Only some adjustments will be made.
Resistances: U$ 56,884 // U$ 57,690 // U$ 58,619 // U$ 59,547.
Supports: U$ 55.784 // U$ 54.734 // U$ 54.001 // U$ 53.414.
https://www.tradingview.com/x/bqkPdiLd/
H1 chart :
Bitcoin price is tracking below the EMAs and below the Ichimoku Cloud.
Bitcoin price would need to positively advance above the 5 and 20 EMA for further consolidation above it.
If the Bitcoin price fails to advance above the EMAs 5 and 20 for the next few sessions and in the short-term, negative corrections will continue until the last bottom formed in the $55,250 price area, the chances of the breakout will happen and still extend to the $54,500 price area.
Buyers continue to have great difficulties in getting back with positive developments above the EMA 5.
Only a strong leg up of buyers above the EMAs 5 and 20 to get out of a risk area of the continuities created by sellers below $55,000 for the next sessions.
Follow the buyers in the fight with the sellers to try to keep the price of Bitcoin above U$ 56,000
Resistances: U$ 56,788 // U$ 57,286 // U$ 57,729 // U$ 58,314.
Supports: U$ 56,247 // U$ 55,803 // U$ 55,370 // U$ 54,916.
https://www.tradingview.com/x/gjvwIyb0/
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Nº 468
