Bitcoin Price Evolution Analysis 12.25.2021

by CSM TRADER                                                                                                                 

 Nº 490

BTC price U$ 50.620.  

Price USD/BRL R$ 5.67.

Price EUR/BRL R$ 6.42.

Price Gold 1g R$ 328.72.

Good morning to all readers.

Merry Christmas to all and much health.

Bill in 2022 for cryptocurrency :

Pro-bitcoin US Senator Cynthia Lummis is planning to introduce a comprehensive crypto bill next year that will explain how different digital assets will be classified and taxed.

 Senator Cynthia Lummis, a Bitcoin evangelist, plans to introduce a comprehensive crypto bill in the new year.

Lummis' proposed bill, according to Bloomberg , aims to establish regulatory clarity on stablecoins, instruct regulators on which cryptocurrencies belong to which asset classes, and provide consumer protection. In addition, the senator reportedly advocated the formation of an institution to regulate the crypto market under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The bill would be one of the first attempts by Congress to create a comprehensive crypto and would have to pass through a divided Senate on the issue. Meanwhile, officials from the Federal Reserve, the Treasury Department, and other agencies are considering their own regulations for various aspects of the cryptocurrency industry.

Any bill introduced in the Senate would need the support of at least 60 senators to be considered for a vote. Democrats currently hold 50 of the 100 Senate seats, with Vice President Kamala Harris acting as the tie-breaker in the event of a tie.

Her support for the crypto industry led her to write an opinion piece for the New York Times urging Congress to block the nominations of Jerome Powell and Lael Brainard to the Federal Reserve Board of Governors because of their "political approach to digital assets" in her home state, which has passed several crypto laws.

The price of Bitcoin follows an uptrend above the price area of $49,750 and above the 100 EMA (H1).

Bitcoin price in the past sessions tried the positive developments upwards from the price area of $52,000, but came to fail and came to test the price area of $51,805, where it came back with the negative corrections downwards from the price area of $51,000 and came to test the price area of $50,470, where its last formed bottom is in the price area of $50,379.

Now at the time of writing the Bitcoin price is tracking in the U$50,676 price area.

The Bitcoin price needs to follow through with continued consolidations and positive developments above the last formed bottom in the $50,379 price area and above the Ichimoku Cloud; where it is at this time of writing very close to it.

It will be necessary for the Bitcoin price to continue its positive developments above the EMAs 5 and 20 and still remain supported above the Ichimoku Cloud Conversion Line, for the Ichimoku Cloud climb attempts.

If the Bitcoin price comes into the Green Ichimoku Cloud, downside corrections could go to forehead below the $50,000 price area and still stay below the EMA 50 (H1) where a test of the EMA 100 (H1) at the $49,800 price area could take place.

Only with a climb above the Ichimoku Green Cloud (H1) for the Bitcoin price to break out of a risk area of continued downside corrections to below the EMA 50 (H1) or even below $50,500.

Buyers remain in control of the situation, but present difficulties to continue positive developments above the $51,000 price area.

Major areas of Resistance - $50,800, $51,300 and $51,780.

Major Support areas - $50,500, $50,120 and $49,780.

H4 chart :

Bitcoin's price follows above the EMAs 50, 100, 20 and 5 above the Ichimoku Cloud, but follows below the strong resistance of the EMA 200.

The Bitcoin price in the past sessions tried the positive moves above the EMA 200, but without success, and I could only test it above and back below it.

Now at the time of writing the Bitcoin price is tracking below the EMA 200 and a little above the EMA 5.

It will be extremely important that the Bitcoin price stays above the EMA 5 so that tests up to the EMA 20 do not happen, or even in the $50,080 price area.

If the Bitcoin price comes to test at EMA 20 the negative corrections could gain more strength and go below it, and go towards tests at the Ichimoku Cloud where the odds of coming out below it is quite large, arrows marked.

Only with the continuities above the EMA 5 and with the necessary advances above the EMA 200 with a new candle above it, for the Bitcoin price to leave a risk area of the continuities of the negative corrections to below the $50,500.

Follow the buyers in attempts to keep the Bitcoin price above the EMA 5 or even above $50,600.

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

Resistances: U$ 51.099 // U$ 51.458 // U$ 51.878 // U$ 52.448.

Supports: U$ 50,530 // U$ 50,009 // U$ 49,369 // U$ 48,750.

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

H1 chart :

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

The price of Bitcoin needs a strong short-term upward move above the 5 and 20 EMAs, and to move positively above the Conversion Line and especially above the Base Line which is serving as a strong resistance to be overcome in order to break out above the Ichimoku Cloud.

If the Bitcoin price fails to climb above the Ichimoku Cloud, downside corrections could go to test the 100 EMA or even the $49,700 price area.

Only above the Ichimoku Cloud Baseline for the Bitcoin price to break out of a risk area of continued downside corrections below $50,000.

Follow the buyers trying to keep the Bitcoin price above the EMA 50.

Resistances: U$ 50,841 // U$ 51,077 // U$ 51,274 // U$ 51,491.

Supports: U$ 50,604 // U$ 50,359 // U$ 50,045 // U$ 49,742.

https://www.tradingview.com/x/zxEfwHt8/

Dominance: 41.36 %.

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Nº 490