Bitcoin Price Evolution Analysis 12.02.2021
by CSM TRADER
Nº 475
BTC price U$ 56.720.
Price USD/BRL R$ 5.69.
Price EUR/BRL R$ 6.42.
Price Gold 1g R$ 322.58.
Good morning to all readers.
David Marcus has stepped down as head of Novi, the fintech division of Meta / Facebook. The company's first order of business was to create a cryptocurrency, but regulators around the world didn't like the idea. After a few missteps and name changes, they finally launched a wallet called Novi with little fanfare. The coin, now called Diem, is still in development and has not been released.
This is not the first time this has happened, other top executives have abandoned the Meta ship over the years; CNBC recaps :
"Marcus' departure follows that of other key executives who led Facebook's ill-fated blockchain efforts. Project founder Morgan Beller left the company in September 2020 to go into venture capital. Kevin Weil, another of the project's founders, left in March to join Planet, a San Francisco startup. "
What is the problem with Libra / Calibra / Novi / Diem?
After many iterations, Diem is now a prototype stablecoin. Novi, the wallet, on the other hand, is only available in the United States and Guatemala. Facebook / Meta is running a pilot program to test the technology and collect data. They are trying to steal Guatemala's remittance market, which makes up 14% of the country's GDP. Using the Novi wallet, it is almost free.
Today, Facebook / Meta is using the Paxos stablecoin USDP as a standard. About this, David Marcus said via Twitter .
"USDP is a well-designed stablecoin that has been operating successfully for over three years and has important regulatory and consumer protection attributes. I want to make it clear that our support for Diem has not changed and we intend to launch Novi with Diem as soon as it receives regulatory approval and goes live. We care about interoperability and want to do this the right way.
However, will Diem ever receive regulatory approval?
For Facebook / Meta, that is the trillion dollar question. The company's reputation for handling personal data is getting in the way of the whole operation. Governments around the world don't seem to want a company like Facebook in charge of the money. The project has been all over the place from the beginning. No offense to David Marcus, who claims to be the "Co-creator and Board member" of Diem.
The project's slogan is "Building a reliable and innovative financial network that empowers people and businesses around the world." And, well, that's Bitcoin.
Why don't they just plug into the winning open monetary network?
Because Meta wants to be in control of the money supply. And that is what governments around the world are trying to avoid.
The Bitcoin price is still in a downtrend below the $57,500 price area and the 100 EMA (H1).
The Bitcoin price in the past sessions, failed once again to advance above the $59,500 price area, arriving on the 1st attempt at the $59,225 asking area and on the 2nd attempt at the $59. 100, and thus making a double top, where downside corrections came from the price areas of $58,000, $57,000, $56,000, and testing the $55,800 price area, and thus making a lower bottom than before in the $55,900 price area.
Now at the time of writing, the Bitcoin price is tracking in the U$56,650 price area.
The Bitcoin price needs to stay above the $56,000 price area so that it does not continue its negative corrections downward from the $56,000 price area, and continue downward from the last bottom formed in the $55,800 price area and furthermore, may extend these negative corrections downward from the $55,000 and $54,780 price areas.
It will be important for the Bitcoin price to remain above the last formed bottom or even above the U$ 55,800 so that with a double bottom it can return with the positive evolutions upwards from the U$ 56,800, U$ 57,340 and U$ 57,666 price areas; but.... the Bitcoin price for this feat will have to advance positively and strongly above all EMAs (H1), and possibly be barred at the resistance of the Ichimoku Cloud which is quoted at the price area of $57,557, where a little below is also the Ichimoku Cloud Base Line.
Only above the EMA 100 (H1) for the Bitcoin price to break out of a risk area of the continuities of negative corrections to below the U$56,000 and U$55,500 for the next few sessions.
A Journal close above the $57,210 price area was made. A Journal close above the $56,500 price area would be important for today.
The buyers have lost control of the situation, and the sellers are still in control of the situation and want to continue the downside with the price of Bitcoin down below $56,000 and $55,000.
Buyers will have to bar sellers above the U$56,000 price area, so that sellers do not gain any more forcing below U$55,800; where a sellers' pursuit below U$54,780 could occur.
Major areas of Resistance - $57,000, $57,500 and $58,340.
Major Support areas - $56,000, $55,800 and $55,500.
H4 chart :
The price of Bitcoin follows below the EMAs and is inside the Red Ichimoku Cloud.
The price of Bitcoin in the past sessions has already made 2 tests at the Base Line of the Ichimoku Cloud (red line), where a 3rd test will happen, and if it breaks it, the downside corrections could go below the $56,000 price areas and still extend below the $55,000. Remember the Ichimoku Cloud Peak that I have been commenting on in my last few analysis, that the Ichimoku Cloud was showing a downward correction. (marked with arrow).
The odds of the Bitcoin price going below the Red Ichimoku Cloud are great, or even going below $56,000 and $55,500.
Only back and above the Ichimoku Cloud, for the Bitcoin price to come back with its consolidations and follow through with positive advances upwards of U$57,500 and U$58,000; a bullish Peak in the Ichimoku Cloud is already starting to form. (green arrow)
Follow the buyers in attempts to bar sellers above the Ichimoku Cloud's Base Line.
The chart on H4 will follow all week to have a parameter of the Bitcoin Price Evolution. Only some adjustments will be made.
Resistances: U$ 56.957 // U$ 57.556 // U$ 58.230 // U$ 58.830.
Supports: U$ 56.433 // U$ 55.744 // U$ 55.198 // U$ 54.530.
https://www.tradingview.com/x/9WstoPPz/
H1 chart :
Bitcoin price follows below the EMAs and below the Ichimoku Cloud.
It will be important for the Bitcoin price to stop the negative corrections above the price area of U$ 56,060, where a double bottom could be formed, and thus giving the condition of the possible returns of the positive evolutions above the price areas of U$ 56,500 and U$ 57,000; where it will be of utmost importance the continuities of the positive advances above U$ 57,340 or even above the EMA 100, where new consolidations will have to be made not to give everything back.
If the Bitcoin price continues with the negative corrections below the last bottom formed in the $55,800 price area, the negative corrections will go in search of the $55,500 and $54,780 price area, where the possibilities of still leaving below $54,000 could happen.
It follows sellers forcing the downside below $56,500.
It remains for buyers to try to bar sellers above $56,000 to avoid further losses below $55,800; or send a bullish leg above the EMAs.
Resistances: U$ 56.605 // U$ 56.913 // U$ 57.206 // U$ 57.479.
Supports: U$ 56.233 // U$ 55.925 // U$ 55.631 // U$ 55.259.
https://www.tradingview.com/x/GoBlOZ2U/
Dominance: 43.04 %.
" You can destroy your today by worrying about tomorrow. " ---- Janis Joplin
Continue to follow My Analysis on Tradingview as well:
https://br.tradingview.com/chart/BTCUSDTPERP/0oEsPRhK/
Make your free card with Bitcoin cashback, on spending from R$10. Without the need for partners.
By registering with the link you will earn more BTC on your purchases.
https://www.soualter.com.br/abra-sua-conta?c=CHRISTIAN14
Follow My Analysis on Twitter: https://twitter.com/CSM_Trader
Follow My Review on Flipboard: https://flipboard.com/@CSMTRADER007
Follow My Review on publish0x: https://www.publish0x.com?a=nXe0RKLGbx
Mine by playing: https://rollercoin.com/?r=ku32dbof
Nº 475
