Bitcoin Price Evolution Analysis 11.30.2021

by CSM TRADER                                                                                                                

 Nº 473

BTC price U$ 56.900.  

Price USD/BRL R$ 5.60.

Price EUR/BRL R$ 6.36.

Price Gold 1g R$ 322.48.

Good morning to all readers.

Report shows that institutional investors are abandoning Bitcoin for Altcoins.

Institutional investors have been increasing their bets on Bitcoin for some time now. Even big banks like Morgan Stanley have introduced funds through which they provide their clients with exposure to the crypto market. Bitcoin has long been the preferred digital asset of institutional investors due to its history of outperformance. However, the tides seem to be changing as the big money turns its attention to altcoins.

A new report from CryptoCompare shows that institutional interest in Bitcoin dropped significantly in the month of November. Bitcoin assets under management (AUM) took a hit as the digital asset posted losses not seen since July. This makes it one of the biggest pullback months for the year 2021. Total BTC AUM fell 9.5% to $48 billion this month.

This pullback showed a lack of interest from institutional investors, who mainly adopted an optimistic stance on digital assets this year. For Bitcoin, November came with terrible twists and turns, as the price collapsed along with interest. After reaching an all-time high of $69,000, the asset suffered major blows that saw its price fall below $55,000. Market-wide, total digital asset AUM also fell 5.5 percent to $70 billion this month, according to the report.

Etheruem's AUM grew 5.4 percent in the month of November, to a total of $16.6 billion. Other altcoins did not lag behind, as Litecoin and Solana also posted big gains in the month. Grayscale LTCN, which is a Litecoin-based product, returned 14.9 percent, while 21Shares ASOL, a Solana-based product, posted 22 percent gains in the same period.

The price of Bitcoin continues in an uptrend above the $56,400 price area and above the 100 EMA (H1).

Bitcoin price in the past sessions was in consolidations between the price areas of $56,900 and $57,600, and after a few sessions it continued its positive developments upwards to the $58,000 and $58,500 price area, even testing the $58,924 price area.

Then came the negative corrections by either testing the $55,900 price area or breaking below the 100 EMA (H1) and back above it.

Now at the time of writing, the Bitcoin price is still in the $56,890 price area and just above the EMA 100 (H1).

The Bitcoin price needs to hold above the EMA 100 (H1) or even above the U$56,500 price area, to follow through with consolidations and possible positive developments upwards to the U$57,000 and U$57,500 price area; not a very easy task as the Bitcoin price will still have to face the EMA 20 (H1) and the Ichimoku Cloud Base Line which is now as resistance.

If the Bitcoin price is successful in opening a candle above the Ichimoku Cloud Base Line, positive developments could come back with strength above the $57,500 and $58,000 price areas and go for a possible breakout of $59,000.

It will also be of utmost importance that the price of Bitcoin continues its climb out of the Ichimoku Cloud, where it will have to rise above the top of the Ichimoku Cloud in the $58,000 price area.

If Bitcoin's price fails to make positive moves upward from the EMA 20 and the Base Line in the near term, negative corrections could come back down below the EMA 100 and extend below the U$56,000 and U$55,780 price areas.

Only with positive advances and continued consolidations above the EMA 100 (H1), for the Bitcoin price to break out of a risk area of continued negative corrections to below the EMA 100 (H1), or even below U$56,000.

Possibilities of a Double Top between the price areas of U$58,900 and U$59,200, only above U$59,500 to invalidate.

A close of the Journal was made above the price area of $57,827.

For today, a close above the $58,000 price area would be important.

Buyers still remain in control of the situation and need to keep Bitcoin's price above the $56,500 and $56,220 price area for the next few sessions.

If buyers lose the $56,000 price area, sellers will get in control of the situation and create the downside below $56,000 and $55,780.

It is extremely important for buyers to come back with consolidations and positive developments above the $57,500 and $58,000 price area.

Major areas of Resistance - $57,500, $58,000 and $58,500.

Major Support areas - $57,000, $56,720 and $56,500.

H4 chart :

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

The Bitcoin price needs to follow through consolidations above the EMA 50, where the chances of breaking out above the Ichimoku Cloud in the next candle are great; but even then the Bitcoin price still needs to break the LTB which will be quoted more or less in the price area of $57,880 and $58,120.

A bearish spike has been formed on the Ichimoku Cloud. (marked with arrow)

Only with positive developments upwards from the LTB and above the 100 and 200 EMA, for the Bitcoin price to get out of a risk area of the negative correction turns to below the U$ 56,000 and U$ 55,220.

Follow the buyers in attempts to keep the Bitcoin price above the EMA 50, and they will still have to keep the Bitcoin price in this U$56,600 and U$57,600 price region for the possible opening of a candle above the Ichimoku Cloud, as it is next to the thinner part.

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

Resistances: U$ 57.318 // U$ 57.790 // U$ 58.487 // U$ 58.942.

Supports: U$ 56,466 // U$ 55,869 // U$ 55,356 // U$ 54,673.

https://www.tradingview.com/x/KMg3lTls/

H1 chart :

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

It is extremely important for the Bitcoin price in the short term to move above the Ichimoku Cloud Base Line (red line), to continue the positive developments above the Ichimoku Cloud and above the price area of $57,500 and $58,000.

It is also very important that above the top of the Ichimoku Cloud the Bitcoin price still has the LTB to be broken; failure to break it will result in a Double Top, and the market does not forgive Double Tops.

If the price of Bitcoin fails to break the Ichimoku Cloud Base Line, the downside corrections will enter the Ichimoku Cloud and this could lead to the downside corrections returning below the $56,500 and $56,000 price areas and extending below $55,500.

Only above the Base Line of the Ichimoku Cloud for the Bitcoin price to continue with the positive developments and proceed above it, and get out of a risk area of the negative correction turns.

Follow the buyers in their attempts to keep the Bitcoin price above the EMA 20 (yellow line) and will still have the hard work to send the Bitcoin price above the Ichimoku Cloud Base Line.

Resistances: U$57,240 // U$57,464 // U$57,788 // U$58,054.

Supports: U$ 56,783 // U$ 56,460 // U$ 56,094 // U$ 55,754.

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

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Nº 473