Bitcoin Price Evolution Analysis 12.14.2021

by CSM TRADER                                                                                                                

 Nº 481

BTC price U$ 47.100.  

Price USD/BRL R$ 5.68.

Price EUR/BRL R$ 6.42.

Price Gold 1g R$ 323.67.

Good morning to all readers.

Bitcoin Mining hash rate approaches a new ATH.

According to on-chain data, the hashrate of the BTC network seems to be approaching the ATH that went backwards in April this year.

The " hashrate " is an indicator that shows the total amount of computing capacity connected to the Bitcoin blockchain network.

In the BTC blockchain, miners compete with each other by solving complex algorithms so that they can handle transactions.

For this purpose, miners require a large amount of computing power. Thus, a large amount of hashrate means that there is a lot of power present in the Bitcoin network, which can help the chain run faster and more efficiently

Moreover, high values of the indicator can also mean that there are many nodes (i.e. miners) connected to the network. Therefore, such values can lead to better decentralization of the BTC network. This helps to make the blockchain more secure against any possible attacks.

On the other hand, if an encrypted network has a low hashrate, the chain may perform poorly and may also have worse security.

Bitcoin's hashrate seems to be moving towards the previous ATH, obtained earlier in the year.

When the ATH was set in April, the price of BTC also peaked. After China's crackdowns on mining began, the hashrate began to fall and collapsed in June.

Since then, the value of the indicator has continuously worked its way back up, and if the trend continues, a new ATH may emerge.

Previously, some have speculated that when the hashrate makes a new ATH, the price of Bitcoin will also follow suit. However, since the November bloodbath, the price of the currency has declined quite a bit.

However, an increase in hashrate has generally been optimistic for Bitcoin, which may also be the case this time around.

The price of Bitcoin is trending down below the $48,400 price area and below the 100 EMA (H1).

The Bitcoin price in the sessions followed with continued downward corrections below the Ichimoku Cloud and down the price areas of $48,000, $47,000 and $46,000, even testing $45,600 price area, then went into consolidations and attempted positive advances above $47,500, but even tested the $47,496 price area.

Now at the time of writing the Bitcoin price is tracking in the U$47,157 price area.

The Bitcoin price needs to hold above the EMA 5 (H1) and manage to open a candle above the EMA 20 for the positive advancement attempts above the EMA 50 (H1) or even above the U$47,500 price area.

If the Bitcoin price manages to stay above the EMA 50 (H1) for the next few sessions, the positive advances will go for testing above the EMA 100 (H1) quoted in the U$48,400 price area and still being able to extend these positive advances to a test in the U$49,000 price area.

On the other hand, if the Bitcoin price fails to hold above the EMA 20 or even open a new candle above the EMA 50 (H1), the negative corrections will move back below the U$47,000 and U$46,780 price area, where a search for the last bottom formed in the U$45,600 price area could occur.

If the $45,600 price area is broken, the downside corrections could move into the $44,780 and $44,220 price areas.

Only above $47,500 and above the EMA 20 (H1), for the Bitcoin price to break out of a risk area of continued downside corrections below $46,500 and $46,000.

Buyers are trying to regain control of the situation and are making positive moves above the 5 and 20 (H1) EMA, or even above $47,300.

It will be necessary for buyers to keep Bitcoin's price above the U$47,500 resistance so that they can gain more price areas above U$48,000 and get out of a risk area from the downside turns created by sellers to below U$46,500 and U$46,000 for the next few sessions.

Major Resistance areas - $47,500, $48,000 and $48,360.

Major Support areas - $47,000, $46,500 and $46,080.

H4 chart :

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

The Bitcoin price needs to break through the resistance of $47,500 in order to continue its positive developments above $48,000 and above the EMA 5 and where it will still face the Ichimoku Baseline.

Only above the Ichimoku Cloud Baseline for the Bitcoin price to leave a risk area of continued negative corrections below $46,500.

Buyers are still trying to continue positive developments above the EMA 5 or even above $47,500.

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

Resistances: U$ 47.515 // U$ 48.172 // U$ 48.908 // U$ 49.437.

Supports: U$ 46,746 // U$ 46,218 // U$ 45,610 // U$ 44,761.

https://www.tradingview.com/x/w4U1wxdj/

H1 chart :

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

The Bitcoin price needs to hold above EMA 20 for the next few sessions in order not to come back with negative corrections below $47,000 and $46,500.

A test breakout of U$47,500 could occur in the near term, but if the Bitcoin price does not succeed in this breakout, the negative corrections will come back with forces down to U$47,000 and U$46,666.

Only above the EMA 50 for the Bitcoin price to break out of a risk area of the negative corrections returns to below $46,500.

It follows buyers trying to keep Bitcoin price above the EMA 20 and above U$ 47,120.

Resistances: U$ 47,490// U$ 47,908 // U$ 48,371 // U$ 48,789.

Supports: U$ 46,927 // U$ 46,527 // U$ 46,118 // U$ 45,646.

https://www.tradingview.com/x/kR8cbz0y/

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Nº 481