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Bitcoin Price Evolution Analysis 12.03.2021


Bitcoin Price Evolution Analysis 12.03.2021

by CSM TRADER                                                                                                                

 Nº 476

BTC price U$ 57.000.  

Price USD/BRL R$ 5.64.

Price EUR/BRL R$ 6.38.

Price Gold 1g R$ 319.92.

Good morning to all readers.

All over the world, Bitcoin adoption is occurring, both as a payment method and as an investment option. The latest company to implement Bitcoin as a method is Croatian supermarket giant Konzum. The move was announced on Wednesday as part of the chain's mission to drive the adoption of crypto payments in its stores.

The retail chain is by far the largest in Croatia. There are more than 700 Konzum stores in the country, with more than 10,000 employees across the chain. Konzum is basically the Walmart of Croatia, as its outlets are located all over the country. The chain is also expanding into Serbia and Bosnia and Herzegovina, serving more than 650,000 customers a day.

For now, Konzum customers can only pay with Bitcoin and other cryptocurrencies in its online stores. However, the supermarket chain plans to implement crypto payments in all its stores. This move is the first of its kind in Croatia, making Konzum the first and only retail chain in the country to accept crypto payments.


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

The Bitcoin price in the past sessions twice tried to break through the resistance of $57,500, where it even tested the $57,394 price area; failed to continue positive developments and came back with negative corrections, even testing the $56,039 price area.

Now at the time of writing, the Bitcoin price follows in the price area of U$57,006, where it has already tried 1 more time to advance above U$57,400, but failed again.

The Bitcoin price needs to break through the resistance of the $57,500 price area for further positive developments to occur above $58,000, and thus further consolidations can be made above this price area for possible positive advances above $58,500 and $59,320.

If the Bitcoin price fails again to attempt these positive moves above $57,500, the downside corrections this time could seek the last bottom formed in the $56,470 price area and head toward the next bottoms below the $56,000 price area.

Only with the continuity of consolidations and positive developments above the EMA 100 (H1) and above the U$ 56,500 for the Bitcoin price not to enter into negative corrections below the U$ 56,000 and U$ 55,360.

A Journal close above the U$56,500 price area was made.

For today of utmost importance a Journal close above the U$57,000 price area.

Buyers are attempting to regain control of the situation above the EMA 100 (H1) but are still struggling to break above the $57,500 price area.


Major Resistance areas - $57,500, $58,000 and $58,380.

Major Support areas - U$56,500, U$56,500 and U$55,780.


H4 chart :

Bitcoin price tracks above the 20, 5 and 50 EMAs and above the Red Ichimoku Cloud, however it tracks below the 100 and 200 EMAs and below the Ichimoku Cloud Base Line. (red line)

It will be of utmost importance that the Bitcoin price achieves the breakout of the Ichimoku Cloud Base Line quoted in the $57,512 price area with strength and thus opening a candle above it, lest it all return below $56,500, or even below the Ichimoku Cloud again.

The Ichimoku Cloud is showing a bullish pattern for the Bitcoin price, but... for a few sessions from now.

Only above the Base Line of the Ichimoku Cloud (red arrow), for the Bitcoin price to break out of a risk area of continued downside corrections below $56,000 and $55,000.

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$ 52.219 // U$ 57.522 // U$ 57.882 // U$ 58.252.

Supports: U$ 56,755 // U$ 56,376 // U$ 56,092 // U$ 55,751.


H1 chart :

Bitcoin price is tracking above the EMAs and is trying to enter the Red Ichimoku Cloud.

Bitcoin price needs to move above the U$57,500 price area in the near term where 3 attempts have already been made to break through it.

If the Bitcoin price should fail in these attempts now, as it continues above the $57,000 price area and above the 100 EMA, the downside corrections will move back below the $56,500 and $56,220 price areas, and may still break through the $56,000 support and extend the downside corrections below $55,500 and $55,360.

Only above $57,500 and $58,000 for the Bitcoin price to break out of a risk area of negative corrections back below $56,500.

Follow the buyers in attempts to advance the Bitcoin price above the U$57,220 price area.

Resistances: U$ 57,122 // U$ 57,378 // U$ 57,537 // U$ 57,855.

Supports: U$ 56,856 // U$ 56,617 // U$ 56,362 // U$ 56,089.


Dominance: 42.24 %

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Nº 476


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