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Bitcoin Price Evolution Analysis 18.05.2021

By CSM TRADER | CSM TRADER | 18 May 2021


Bitcoin Price Evolution Analysis 18.05.2021

by CSM TRADER                                                                                                                

 nº356

BTC price U$ 45.030.  

BTC price at Braziliex R$ 239.512.

USD/BRL price R$ 5.27.

Price EUR/BRL R$ 6.44.

Gold price 1g R$ 316.43.

 

Bitcoin price follows an uptrend above the price area of $42,000, and follows a bit below the EMA 50 (H1).

The Bitcoin price in the past sessions managed to make a Double Bottom Pattern (I wrote in my analysis yesterday that this pattern could happen 5/17/2021) and continued its positive developments upwards from the price areas of $43,000, $44,000 and now follows above the $45,000 price area.

Now at the time of writing, the price of Bitcoin is already above the price area of $45,200, where it continues its strong consolidation above the price area of $44,780, and will try for one more time to surpass the EMA 50 (H1).

It will be extremely important that in the short term, the Bitcoin price achieves this positive advance above the EMA 50 (H1), and stabilizes above it, for new consolidations to take place and continue the positive developments above the EMA 100 (H1) or even above $47,000.

The Bitcoin price will face strong resistance at $45,800 and $46,780.

If the Bitcoin price succeeds in breaking the $45,800, positive developments will continue upwards to $46,000 and $46,220.

Now if the Bitcoin price fails to break through these positive moves above $45,500, $46,000 and the EMA 50 (H1), the negative corrections will appear again, and with it, the chances of the negative corrections going below the price areas of $45. 000, $44,500 and $43,880 price areas could appear; where a stop above the $43,220 price area will be mandatory, because below the $43,220 price area the negative corrections could continue below the $43,000 price area, and go in search of the last bottom formed, at the $42,000 price area.

Only the advance above the EMA 50 (H1) and with the stabilities above it, to give the conditions for the continuation of the positive evolutions for the next sessions.

I know it is still too early to talk about this, but; the Bitcoin price needs a monthly close above $47,000, $47,500, because the possibilities of a low below $38,500 could still be coming; if the close is not above $47,000.

A daily close has been made above the $43,537 price area.

A good close today would be above the $44,220 price area.

Buyers are back in control of the situation above the $44,120 price area.

Buyers will have to get the positive moves above $45,500 in the near term to continue the positive moves above $46,000.

Now at the time of writing, buyers are following with the Bitcoin price in the U$45,280 price area, where they are in an attempt to evolve the Bitcoin price above the EMA 50 (H1) or even above U$45,500, which will be of extreme importance for the next few sessions.

If buyers fail in these evolutions above U$45,500 and U$46,120, sellers will get into control of the situation where they can start creating the downside below U$45,000, U$44,500 and even go below U$43,880.

If the buyers lose the $42,000 price area; then it will get ugly for them.

Follow the buyers in the attempts of positive evolutions above $45,500 and the EMA 50 (H1).

 

Bitcoin TODAY at Braziliex: H1

Bitcoin price today on Braziliex is still in an uptrend above the last bottom formed in the R$ 219,999 price area.

The Bitcoin price on Braziliex has made a nice positive advance above the R$228,000 price area.

Now at the time of writing, the Bitcoin price at Braziliex is still in the R$239,000 price area.

The Bitcoin price on Braziliex, needs to continue its positive developments upwards from the R$ 240,000 and R$ 242,220 price areas for the next few sessions, where it is experiencing strong resistance to break through the R$ 245,000 price area.

If the Bitcoin price does not get these positive moves upwards of the R$ 245,000 and R$ 250,000, negative corrections could emerge in the near term and follow below the R$ 233,500 and R$ 230,000 price areas, where the possibilities and extend below the R$ 228,500 could emerge again.

Buyers on Braziliex are holding Bitcoin price consolidations above the R$230,000 price area.

It will be extremely important for buyers on Braziliex to make the necessary advances in the near term above R$250,000.

If buyers fail in these advances above the $250,000, sellers on Braziliex will get into control of the situation where they can create the downside below the $240,000, $230,000 price areas and further extend the downside below the $228,500.

Follow the buyers in Braziliex in the attempts of the positive developments above the R$ 250,000.

Resistances: R$ 244,981 // R$ 251,002 // R$ 256,697 // R$ 261,741. 

Supports: R$ 238,033 // R$ 234,680 // R$ 231,564 // R$ 227,354.

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

 

 

H4 chart:

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

Sellers continue to make it difficult for buyers to move above the $45,500 price area.

It will be of utmost importance that buyers achieve the necessary positive moves above the EMA 20 for the next few sessions.

If buyers fail in these attempts for further consolidations above $46,220 or above the EMA 20 (yellow line), sellers will return with their downside to below $45,500 and $45,000.

Follow the buyers in an attempt to move the Bitcoin price above $45,500 and $45,800.

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$ 46,156 // U$ 47,864 // U$ 49,287 // U$ 51,090.

Supports: U$ 44,811 // U$ 43,897 // U$ 43,080 // U$ 42,143.

https://www.tradingview.com/x/VH9eLHjJ/

 

H1 Chart:

Bitcoin price follows above the 20 and 5 EMAs and is a little bit above the 50 EMA, however, it still follows below the 100 and 200 EMAs and inside the Ichimoku Cloud.

The Bitcoin price now for the next few sessions will have to break above the Ichimoku Cloud so that positive developments can follow up to the $46,000 price area, where the breakout of the $46,500 resistance will be of utmost importance for possible positive advancement attempts above $47,000.

If Bitcoin's price fails to break above $45,800 and $46,500 the negative corrections could come back below $45,500 and $45,000.

Buyers remain in control of the situation and need to continue the positive moves above $45,500 where they are having great difficulty continuing these moves in the near term.

Buyers will still have to move beyond the $45,800 and $46,120 price areas to begin new consolidations above them.

If buyers fail to break above $45,500 then sellers will take control of the situation and this could create the downside below $45,000 and $44,500.

Follow the buyers in the attempt of the positive evolutions above the U$45,500.

Resistances: U$ 45,631 // U$ 45,981 // U$ 46,351 // U$ 46,831.

Supports: U$45,081 // U$44,640 // U$44,177 // U$43,660.

https://www.tradingview.com/x/0CegjAPK/

 

Technical indicators: H4

RSI: The RSI on the H1 chart timeframe for BTC is at the 90 level and with bullish bias.

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

MACD: The MACD on BTC's chart time is at the negative level -1749 and with a bullish bias.

https://www.tradingview.com/x/dv64o2m8/

OBV: The OBV on BTC's H1 chart time is at the 2.03 level and has a bullish bias.

https://www.tradingview.com/x/zj537MzR/

 

M5 chart:

Bitcoin's price follows above the VWAP, however, it follows below the BB centerline and is inside the Ichimoku Cloud.

It will be of utmost importance that the Bitcoin price stays supported above the VWAP to avoid having heavier downside corrections below $44,800 and $44,680.

Buyers have again failed to provide the continuities of positive developments above $45,500.

Now buyers will have to try to stop sellers above $44,500 to avoid serious disadvantages created by sellers below $44,500.

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

 

 Dominance39.83 %

 

" I am convinced that half of what separates successful entrepreneurs from all the rest is sheer perseverance. " ------ Steve Jobs

 

 

Continue to follow my analysis on Tradingview as well:

https://br.tradingview.com/chart/BTCUSDT/dgAAmIT2/

 

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nº356

 

 

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CSM TRADER
CSM TRADER

I'm a graphic analyst


CSM TRADER
CSM TRADER

Bitcoin graphical and fundamental analysis.

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