Bitcoin Price Evolution Analysis 12.29.2021

by CSM TRADER                                                                                                                 

 Nº 493

BTC price U$ 47.504.  

Price USD/BRL R$ 5.62.

Price EUR/BRL R$ 6.34.

Price Gold 1g R$ 328.47.

Good morning to all readers.

The Bitcoin price is still in a downtrend at below the price area of $49,500 and the 100 EMA (H1).

Bitcoin price in the past sessions after the major downside correction, is in consolidations between the U$47,500 and U$47,880 price areas, even testing U$47,290 price area.

The Bitcoin price needs to continue its consolidations for the next few sessions to move positively upwards from the U$48,000 and U$48,500 price areas, to the possible test in the U$49,120 price area.

It will be of utmost importance that the Bitcoin price opens a candle above the EMA 20 and stays above it, so that new consolidations will be made and thus giving the possibilities of the positive advancements above the U$ 48,500 and U$ 48,780.

If the Bitcoin price does not achieve these advances above the EMA 20 and stays above it, the negative corrections will go for a test in the $46,500 price area and could still go for a test in the bottom formed in the $45,500 price area.

Buyers are still trying to keep Bitcoin's price above the U$48,000 price area.

Major Resistance areas - U$47,800, U$48,000 and U$48,220.

Major Support areas - U$47,500, U$47,000 and U$46,780.

H4 chart :

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

It will take for the Bitcoin price to continue positive advances above the EMA 5 to begin entering the Green Ichimoku Cloud.

If the Bitcoin price were to fail with positive advances above the EMA 5 or even above the $48,500 and $49,000 price area and stay above them for the next few sessions, the negative corrections will move back below $47,500, where continuations of the same could follow below $47,000 and $46,780.

The price of Bitcoin is "rehearsing" a Double Bottom, which could continue the positive developments above $48,500.

Buyers are still trying to continue with positive developments above $48,000.

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

Resistances: U$ 47,907 // U$ 48,470 // U$ 48,818 // U$ 49,392.

Supports: U$ 47,340 // U$ 46,921 // U$ 46,476 // U$ 45,986.

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Nº 493