Bitcoin Price Evolution Analysis 12.27.2021

By CSM TRADER | CSM TRADER | 27 Dec 2021

Bitcoin Price Evolution Analysis 12.27.2021

by CSM TRADER

Nº 491

BTC price U$ 50.827.

Price USD/BRL R$ 5.67.

Price EUR/BRL R$ 6.42.

Price Gold 1g R$ 328.72.

Good morning to all readers.

90% of all bitcoins have already been mined :

According to data from Blockchain.com, 90% of all the available supply of Bitcoin has already been mined. The feat means that 18.89 million bitcoins - out of a maximum of 21 million - are now on the market.

Reaching the milestone has taken almost 12 years since the first Bitcoins were mined on January 9, 2009. However, the remaining supply is not expected to be mined until February 2140, based on estimates of network activity and the timelines of Bitcoin halving.

Prices have reflected the increased supply as demand for new bitcoins has increased. The asset once traded for less than 0.10 cents when 10% of the supply had been mined in early 2010, and reached $7.50 when 50% of the supply had been mined in December 2012. To date, it is trading for more than $49,000, down 28 percent from its record high of $69,000, according to data from CoinGecko.

Bitcoin's blockchain, as a network using the proof-of-work (PoW) consensus mechanism, relies on network participants called "miners" who continuously process transactions and validate blocks in a process widely known as "mining."

These participants provide their computers and hardware to solve millions of complex calculations on the Bitcoin network every second, receiving bitcoin units as a "reward." Currently, miners receive 6.25 bitcoins for each block mined, a reward that will drop to 3.125 bitcoins per block after the next halving in 2024.

Still, not all 21 million bitcoins are expected to be available on the market. Chainalysis estimates that 3.7 million bitcoins have been "lost" based on analysis of address activity, for reasons ranging from loss of a private key to death. An additional 1 million bitcoins are held by Bitcoin creator Satoshi Nakamoto - an amount untouched since the person (or group of people) under the pseudonym mined the amount in the early days of the network.

Do you already have your Bitcoin?

The Bitcoin price is still trending upwards above the $50,200 price area and above the 100 EMA (H1).

In past sessions the Bitcoin price has even tested the $49,350 price area, and has returned with its positive developments above the $49,500 and $50,500 price areas, where it continues in strong consolidations.

Now at the time of writing the Bitcoin price is in the U$50,834 price area.

The Bitcoin price needs to hold above $50,500 and move on to attempts to break through the strong resistance at the $51,300 price area or even above the 200 EMA (H4).

If the Bitcoin price succeeds in positively advancing above the EMA 200 (H1), positive developments will follow above the U$ 51,500 and U$ 52,000 price areas.

If the Bitcoin price fails this breakout of $51,300 again, the negative corrections could return below $50,500 and $50,000, where it could extend these negative corrections below $49,500 and $49,220.

Only above the 200 EMA (H1) and holding above it, for the Bitcoin price to continue its positive advances above $52,000 and $52,350, and move out of a risk area of the negative corrections back below $50,000.

A close of the Journal was made above the price area of $50,760.

For today, a close above the $51,120 price area would be important.

Buyers remain in control of the situation and need to keep Bitcoin's price above the $50,500 price area for the next few sessions, and still achieve the necessary positive developments above $51,300 and $51,780.

Major Resistance areas - $51,000, $51,300 and $51,880.

Main Areas of Support - $50,500, $50,00 and $49,666.

H4 chart :

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

The Bitcoin price needs to continue its attempts to break the EMA 200 or even above $51,200, where it has tried several times but without success so far.

If the Bitcoin price manages to move positively above the EMA 200 and opens a new candle and the same candle stays above the EMA 200, the positive developments will go for tests of breaking the $52,000 price area, where above this price area a search for the long awaited $53,000 will occur.

On the other hand, if the Bitcoin price fails to open and sustain a candle above the 200 EMA, negative corrections will go below U$50,500 and U$49,880.

Follow the buyers in attempts to keep the Bitcoin price above $50,500 and attempt the positive developments upwards to $51,000.

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

Resistances: U$ 50,922// U$ 51,214 // U$ 51,522 // U$ 51,902.

Supports: U$ 50,618 // U$ 50,281 // U$ 49,893 // U$ 49,534.

https://www.tradingview.com/x/H4ICaDag/

H1 chart :

The Bitcoin price is tracking above the 200, 100, 50 and 20 EMAs and above the Ichimoku Cloud, but is tracking slightly below the 5 EMA.

It will be of utmost importance that the Bitcoin price remains supported above the Ichimoku Cloud so that positive developments can follow for the attempted break of $51,000 and $51,300 which is a major resistance to be overcome.

If the Bitcoin price comes in below the EMA 20, the negative corrections will go below the EMA 50 and go for the breakout of the EMA 100 or even below the U$50,000.

Follow the buyers in attempts to bar the sellers above the EMA 20.

Resistances: U$ 50.922 // U$ 51.120 // U$ 51.268 // U$ 51.436.

Supports: U$ 50.708 // U$ 50.515 // U$ 50.299 // U$ 50.100.

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

Dominance: 40.86 %.

" Knowing what to do and not doing it is the same as not knowing what to do. " ------- Robin Sharma

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