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Bitcoin Price Evolution Analysis 29.01.2021

By CSM TRADER | CSM TRADER | 29 Jan 2021


Bitcoin Price Evolution Analysis 29.01.2021

by CSM TRADER                                                                                                                

 nº284

 Price of BTC U$ 36,600.  

BTC price at Braziliex U$ 194,988.

Price USD/BRL R$ 5.44.

Price EUR/BRL $ 6.60.

Price Gold 1g $ 324.03.

 

Good morning to all readers.

Bitcoin price continues on an upward trend above the U$ 35,600 price area.

In 10 minutes $ 57 million shorts were settled on a large Exchange; and the price of Bitcoin rose over $ 4,000.

The price of Bitcoin in some past sessions had a strong increase in its price; where it left the $31,950 price area and only stopped at the $36,606 price area.

This "pump" may be related to the fact that the richest man in the world Elon Musk, changed his "bio" on Twitter where he put the Bitcoin symbol; or the big players in the market trying to close the monthly above the price area of U$ 32,000 and even today we have the maturities of future contracts of Deribit.

Now at the time of writing the price of Bitcoin is in the price area of U$ 36,783.

In order to continue the positive evolution above the price area of $37,000 and $38,000, the Bitcoin price needs to stay above the price area of $35,440 with good consolidations above it, so that you have the possibility to advance above $37,500 where possibly above this price area the Bitcoin price will evolve quickly above $38,000 and $38,460 and still be able to extend above $39,000 where above this price area a lot of sales may appear.

Only a good advance in the short term to above U$ 37.500 to give the continuity of positive evolutions above U$ 37.992 where it was already tested is price area.

If the price of Bitcoin fails to exceed the price area of $37,500 and $38,000 the possibilities of a strong downward correction of the price areas of $37,000, $36,500 and $35,600 may arise and still extend below the $35,000; where the price of Bitcoin will have to remain above the EMA 20 in order not to have major disadvantages below it.

A closing of the journal was made above the price area of U$ 33,340.

For today and for the weekend it would be necessary to close the diary above the price area of U$ 33,500 / U$ 33,800, where it would be very important to continue a monthly closing above U$ 32,000.

The buyers continue in the control of the situation staying with the price of Bitcoin above the price area of U$ 33,700.

The buyers manage to test the price area of U$ 34,313 and then failed to give continuity above U$ 34,200.

In the case mentioned above, the sellers took advantage of the buyers' exhaustion situation and entered in the control of the situation, where they managed to create the negative evolutions until the price area of U$ 31. 909, and then probably came the Elon Musk Twitter where it changed its "bio" on Twitter to BTC or may also be the big players in the market trying a good monthly closing; and with this doing a "pump" in the price of Bitcoin very strong where rose from the price area of $ 32,000 to $ 36,610 and still doing a test in the price area of $ 37,992.

Now at the time of writing the buyers follow with the price of Bitcoin in the price area of $36,880 and seems to be in consolidations for more positive advances above the price area of $37,000 and $37,340.

It will be necessary for buyers to keep the Bitcoin price above the price area of $36,340, in the short term, to try to continue positive advances above the price area of $37,220 and $37,660 and with that the attempts to go for a break in the price area of $38,000 and $38,120 may happen.

If buyers fail in this breakthrough sellers will be able to take advantage of the situation and take the Bitcoin price below the $36,500 and $36,000 price areas where buyers will have to try to bar the sellers above the $35,500 price area in order not to have further disadvantages.

It follows buyers in attempting positive developments above the $37,000 price area.

 

Bitcoin TODAY at Braziliex: H1

The price of Bitcoin at Braziliex had a beautiful "pump" where the price of Bitcoin left the price area of R$ 174.500 and went to the price area of R$ 190.000.

Now at the time of writing the price of Bitcoin at Braziliex is in the price area of R$ 195.500.

It will be necessary for the price of Bitcoin at Braziliex for the next sessions to be above the R$ 190,000 price area, for the possible consolidations above it and with that the positive evolutions above the R$ 198,000 price area may arise and possibly go in search of the R$ 200,000.

If the price of Bitcoin at Braziliex does not manage to sustain itself above the price area of R$ 190.000 the disadvantages will appear and with this may go below the R$ 188.000 and R$ 186.400.

The buyers will have the hard task with the price of Bitcoin at Braziliex which is to stay in consolidations with the price above the price area of R$ 190.000 for the next sessions so as not to lose the good advances that they have made until the moment of writing; where they are with the price of Bitcoin at Braziliex in the price area of R$ 195.000.

If the buyers fail to hold the Bitcoin price above the R$ 190.000 price area, the sellers will take advantage and take control of the situation and will create the disadvantages that may extend below the R$ 188.600 and R$ 186.220.

It follows the buyers in trying to hold the price of Bitcoin at Braziliex above the price area of R$ 190,000.

Resistances: R$ 197.114 // R$ 198.923 // R$ 201.184 // R$ 203.821. 

Supports: R$ 193.931 // R$ 191.520 // R$ 189.034 // R$ 186.397.

https://www.tradingview.com/x/MiVeAQ3C

 

Graph H4:

The price of Bitcoin is above EMAs, above VWAP and above Ichimoku Cloud.

The price of Bitcoin will have to continue above the price area of U$ 36,220 for the next sessions, so that the continuity of positive evolutions above the price area of U$ 37,500 and U$ 37,800 happens and can still go above U$ 38,000 which is a very important price area.

A good advance above U$ 37.500 can make the price of Bitcoin go in search above the price area of U$ 38.120 and U$ 38.360; remembering that the price of Bitcoin needs to go beyond the price area of U$ 37.800 and U$ 37.900 for a good positive evolution above U$ 38.220.

The purchasers are still in control of the situation and will have to go beyond the price area of U$ 38.000 for a good evolution above this price area and may go above U$ 39.340 and still go in search of U$ 40.000.

If buyers fail to proceed above the price area of $ 38,000 sellers may control the situation below the price area of $ 36,800 and $ 36,500 and still strengthen themselves and continue to disadvantage below the price area and $ 36,000 and $ 35,660.

It follows the buyers in the attempt to evolve with the price of Bitcoin up to U$ 37,500.

Resistances: U$ 37.845 // U$ 38.383 // U$ 38.974 // U$ 39.583.

Supports: U$ 36.519 // U$ 35.964 // U$ 35.247 // U$ 34.548.

https://www.tradingview.com/x/979udIq9/

 

Graph H1:

The price of Bitcoin follows above the EMAs, above the VWAP and above the Ichimoku Cloud.

It will be necessary for the price of Bitcoin to stay above the EMA 5 in order not to start having the disadvantages below the price areas of $36,220.

A small correction up to the $36,600 price area would be healthy at this time for the Bitcoin price to be able to go back hard and possibly try to go beyond the $37,900 price area and sequence up to $38,000.

Buyers need to sequence positive developments upwards from the $37,900 and $38,120 price area to get out of a risk area that would be to have the Bitcoin price below $37,120.

On the other hand, if sellers manage to get in control of the situation below the price area of $36,320 they may begin to create the disadvantages that may extend below the price area of $36,000 and $35,880.

It follows the buyers in an attempt to move back up the $37,500 price area.

Resistance: U$ 37.893 // U$ 38.607 // U$ 39.092 // U$ 39.601.

Supports: U$ 36.925 // U$ 36.134 // U$ 35.370 // U$ 34.554.

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

 

Technical indicators: H1

RSI: The RSI at the BTC H1 chart time is at level 93 and stabilized.

https://www.tradingview.com/x/LUASoT2L/

MACD: The MACD on the BTC's chart time is at the positive 1341 level and bullish bias.

https://www.tradingview.com/x/dTQWMq8q/

OBV: The OBV in BTC's H1 graphic time is at level 919 and low bias.

https://www.tradingview.com/x/O1viGmDv/

 

M5 Graph:

The price of Bitcoin follows above VWAP, above BB's center line and above Ichimoku Cloud.

It will be necessary for buyers to keep the Bitcoin price above Ichimoku Cloud for the next sessions, so as not to have the disadvantages with sellers below the price areas of $36,800 and $36,120.

Follow the buyers with the Bitcoin price above the price area of U$ 37,500.

Resistances: U$ 37.848 // U$ 38.307 // U$ 38.597 // U$ 38.866.

Supports: U$ 37.479 // U$ 37.117 // U$ 36.852 // U$ 36.528.

https://www.tradingview.com/x/GDwZHX2C/

 

BTC dominance 65.75%

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nº284

 

 

 

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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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