Bitcoin Price Evolution Analysis 11.24.2021

by CSM TRADER                                                                                                                

 Nº 469

BTC price U$ 56.600.  

Price USD/BRL R$ 5.57.

Price EUR/BRL R$ 6.24.

Price Gold 1g R$ 324.05.

Good morning to all readers.

The 3 Altcoins for 2022

Solana (SOL)

One of the strongest altcoins in 2021 that has gone quiet recently, but one can expect steady growth in 2022 is Solana. It is built on a proof-of-history (PoH) consensus mechanism that allows the network to be more energy efficient compared to many competitors. While many standard blockchanis rely on a sequential production of blocks that require confirmation on the network, PoH allows validators to calculate the state of the network from the ledger itself. The Solana protocol can rely on its own internal clock and sustain a throughput of over 50,000 transactions per second.

WAVES

Waves is a platform that can be used to build dApps, smart contracts, and new tokens. It uses a WavesNG proof-of-stake (PoS) consensus and the network's native token, WAVES. The token is used as a reward and incentive for mining, payments, and voting. Because it is an ERC-20 token, WAVES also makes Waves interoperable with the Ethereum network. Considerable projects are built on the platform, including a cross-chain Gravity network, DeFi Neutrino platform and Waves DEX crypto exchange.

With a market capitalization of over $2.3 billion, the WAVES token is strongly placed among the top 100 cryptocurrencies.

LUNA

Our third project on the list is a respected and recognized coin by the name of LUNA. This base layer protocol uses stablecoins tied to popular fiat rates, primarily TerraUSD. LUNA acts as a reserved asset and helps keep the price of these currencies stable.  In October, LUNA underwent a Columbus-5 upgrade that enabled the Inter-Blockchain Communication (IBC) standard to allow users to easily transfer LUNA and other assets from LUNA itself, making it interoperable with other networks. Immediately after this update, the price of the LUNA token reached a record high of $49.43. The following month, the current record high was $54.77.

Remembering that; we can never tell what will happen with these coins, we can only hope and see what lies ahead.

Bitcoin price is still in a downtrend below the U$57,680 price area and the EMA 100 (H1).

In my analysis of the previous day 23.11.2021 I wrote that; the Bitcoin price would need to come back with its positive developments above the EMA 100 (H1) in order to positively advance above the price areas of U$ 58,000 and U$ 60,000 and that is what happened; the Bitcoin price did not get the necessary advances above the EMA 100 (H1) and came back with its negative corrections below the U$ 57,000 and even testing the price area of U$ 56,166.

Now at the time of writing the Bitcoin price is tracking in the U$56,430 price area.

The Bitcoin price would need to return with its consolidations and positive moves upwards from the 5 and 20 EMAs in the near term to be able to return with attempts at the positive moves upwards from the U$56,600 and U$57,000 price areas.

If the Bitcoin price continues below the EMA 5, the negative corrections will go to test at the last bottom formed in the U$55,957 price area and possibly test the U$55,250.

Only above the EMA 50 (H1) for the Bitcoin price to break out of a risk area of continued negative corrections below $56,000, and it will still have to enter the Red Ichimoku Cloud for continued positive advances to move above $58,000; or even a double bottom.

A close above the $57,570 price area was made.

For today a close above the $56,500 price area would be of extreme importance.

Sellers have not let buyers move above the $57,000 price area and have regained full control of the situation below the EMA 50 (H1).

Buyers need to try to come back with their positive developments above the EMAs 50 and 100 (H1), or even in the price areas of $57,100 and $57,700 and most importantly keep the Bitcoin price above the red Ichimoku Cloud.

Buyers will attempt a resumption up to the U$57,000 price area, where they will have to try to keep the Bitcoin price in consolidations above this price area, for attempts to follow through with the Bitcoin price above U$57,500.

If buyers fail in these positive developments above $57,000, sellers will try to create the downside below $56,220 and attempt the breakout of the bottom formed in the $55,250 price area, where they can still extend this downside below $55,000.

Only above U$57,500 for buyers to begin to regain control of the situation and return with the Bitcoin price to above U$58,000 and U$58,360.

Major areas of Resistance - U$56,640, U$57,000 and U$57,500.

Major Support areas - U$ 56,400, U$ 56,000 and U$ 55,666.

Chart D1:

It still follows the test attempts at the EMA 100.

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

H4 chart :

Bitcoin price follows below the EMAs and below the Ichimoku Cloud.

The Bitcoin price needs to return to positive developments above the EMA 20 or even above $57,500, so as not to have the continuities of negative corrections below $56,220.

If the Bitcoin price fails to stay above $56,000, the negative corrections will go below $55,780 and go for a test in the $55,120 price area.

Follow the buyers in attempts to maintain and evolve the Bitcoin price above the U$56,220 price area, which will be decisive for the returns of positive evolutions and attempts upwards of U$57,000 and U$58,000, 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$ 57.031 // U$ 57.733 // U$ 58.580 // U$ 59.509.

Supports: U$ 56,328 // U$ 55,440 // U$ 54,552 // U$ 53,684.

https://www.tradingview.com/x/Ly5uJPVj/

H1 chart :

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

Bitcoin price needs to stay above the Ichimoku Cloud Base Line and still go for further consolidations above EMA 20 for possible comebacks from the attempted breakout of EMA 100.

If the Bitcoin price fails with its positive developments above EMA 20, the negative corrections will resume below $56,500 and $56,220, where the breakout of $56,000 could occur, and still extend below $55,780.

Only above the EMA 50 for the Bitcoin price to break out of a risk area of continued downward corrections below $56,220.

It continues buyers trying to make the resumption with the positive developments above the U$ 56,780, or even above the EMA 20.

Resistances: U$ 56.634 // U$ 56.893 // U$ 57.073 // U$ 57.273.

Supports: U$ 56.422 // U$ 56.190 // U$ 55.910 // U$ 55.592.

https://www.tradingview.com/x/8TuZUNxI/

Dominance: 42.89 %.

" Some defeats are more triumphant than victories. " ---- Michael de Montaigne

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Nº 469