Bitcoin Price Evolution Analysis 11.25.2021

by CSM TRADER                                                                                                                

 Nº 470

BTC price U$ 57.622.  

Price USD/BRL R$ 5.60.

Price EUR/BRL R$ 6.29.

Price Gold 1g R$ 321.40.

Good morning to all readers.

The Collins Dictionary crowned an incredible year that the NFTs have had. According to the UK dictionary, "NFT" was the most important word of 2021. There is no denying that the NFT phenomenon grew immensely this year, and not even Ethereum gas rates and environmental FUD could stop its trajectory. Congratulations to all the artists and entrepreneurs who have managed to benefit from the growth, and welcome the Collins Dictionary recognition as your own. The other technology-based words were "crypto" and "metaverse," so you know that NFT had fierce competition in 2021. The abbreviation for "cryptocurrency" seems like a bigger and broader concept. And it may have been even more present than "NFT." However, it did not have the novel factor. On the other hand, "metaverse" had a novel factor, but came too late in the race. The organization has been declaring the word of the year since 1990. It is a newer phenomenon, so from the beginning there has been a strong connection with technology. In 1993, WOTY was "information superhighway"; it was "cyber" in '94 and "web" in '95. When it came to 1997, it was "millennium bug" and it was the prefix "e-" in 98. Of course, it was "Y2K" in 99. Recently, however, Collins Dictionary has been preoccupied with social movements and gender identities. Last year, of course, it was "Covid" and in 2021 the tech world retook the throne with "NFT".

The price of Bitcoin follows an uptrend above the price area of $57,000 and above the 100 EMA (H1).

The price of Bitcoin in the past sessions after a double bottom in the price areas of U$ 56,170 and U$ 55,905, returned with its positive developments upwards from the price areas of U$ 56,000, U$ 57,000 and even testing the price area of U$ 58,369.

 Soon after this test it came back with the negative corrections down to the $58,000 and testing the $57,022 price area and staying above the Ichimoku Cloud Base Line which has served as support until now.

Now at the time of writing the Bitcoin price is tracking in the U$58,390 price area with a bullish leg up to the 200 EMA.

The Bitcoin price needs to advance above the 200 EMA and enter further consolidations so that it can hold above the $58.00 and $58,500 price area, and its continuing positive developments above the $59,000 and $59,220 price areas.

If the Bitcoin price fails on these positive moves upwards from the 200 EMA, the negative corrections could return downwards from the $58,000 and $57,000 price areas for the next few sessions.

Only with continued new consolidations and positive advances above the EMA 200 or even above $58,500 will the Bitcoin price not enter a double top pattern and return with negative corrections back below $57,000.

A Daily closing was made above the U$57,160 price area.

For today a close above the $58,000 price area would be extremely important, to validate the continuation of the positive moves above $59,000 and $60,000.

Buyers are regaining control of the situation and need to keep the Bitcoin price above the U$57,320 price area, to not let sellers regain full control of the situation below U$57,000.

Major Resistance areas - U$58,500, U$59,000, and U$59,360.

Major Support areas - U$57,500, U$57,000 and U$56,620.

Chart D1:

Bitcoin price follows above EMA 5 and goes for test at EMA 50.

The Bitcoin price has made a double bottom pattern above the EMA 100 and it looks like there will be no test at the EMA 100 for the time being.

Only with a new candle above the EMA 50 will the Bitcoin price return with its continued positive developments and attempts to break through the $60,000 price area.

https://www.tradingview.com/x/hgyV1io6/

H4 chart :

Bitcoin price follows above the 5 and 20 EMAs and above the Ichimoku Cloud Base Line, however it follows below the 50, 100 and 200 EMAs and below the Ichimoku Cloud.

The Bitcoin price just now managed to make a test at the EMA 50 and the second test at the Ichimoku Cloud.

It will be important that the Bitcoin price manages to stay above EMA 50 for the next few sessions, where with that, it can enter the Red Ichimoku Cloud for attempts to break out above it.

If the Bitcoin price fails to enter the Red Ichimoku Cloud, a climb out of it could occur and take the Bitcoin price below the $57,000 price areas.

Follow the buyers in their attempts to advance the Bitcoin price above the EMA 50.

The chart on H4 will follow all week to have a parameter of the Bitcoin Price Evolution. Only a few adjustments will be made.

Resistances: U$ 58.453 // U$ 58.957 // U$ 59.353 // U$ 59.878.

Supports: U$ 58,057 // U$ 57,582 // U$ 56,936 // U$ 56,398.

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

H1 Chart :

Bitcoin price follows above the 5, 20, 50 and 100 EMAs and above the Ichimoku Cloud, however it follows below the 200 EMA.

The Bitcoin price has just tested the EMA 200 and needs to stay above the EMA 100, so that new tests on the EMA 200 are made and can validate the break of it and open a new candle above it.

If the Bitcoin price manages to open a new candle above the EMA 200, the positive developments will go above the $59,000 price area and with the possibilities of entering the $60,000 and $61,000 price area.

If the Bitcoin price fails the test continuities of breaking the EMA 200 the negative corrections will go back below the price area of $57,000, where it will have to stop above the EMA 100, as below the EMA 100 the negative corrections will gain more strength and could extend below $56,780.

It follows buyers trying to keep Bitcoin price above U$ 58,000.

Resistances: U$ 58.274 // U$ 58.598 // U$ 58.947 // U$ 59.278.

Supports: U$57,834 // U$57,535 // U$57,144 // U$56,638.

https://www.tradingview.com/x/oEsZqV7X/

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Nº 470