Bitcoin Price Evolution Analysis 06.10.2021
by CSM TRADER
BTC price U$ 50.910.
USD/BRL price R$ 5.47.
Price EUR/BRL R$ 6.32.
Price Gold 1g R$ 309.02
Good morning to all readers.
The price of Bitcoin follows in an uptrend above the price area of $50,000 and well above the 100 EMA (H1).
The Bitcoin price in the past sessions, after a few sessions of continued consolidations, has returned with its positive advances above the price areas of $50,000, $50,500 and $51,000, and even testing the $51,888 price area.
Now at the time of writing the Bitcoin price is tracking in the U$51,060 price area.
The price of Bitcoin after testing the price area of $51,888, went into negative corrections where it even tested the $50,410 price area, just now.
The price of Bitcoin at this moment is still trying to resume positive developments above the EMAs 20 and 5 or even above the price area of $51,110.
It will be important this resumption of positive developments above the EMAs 20 and 5 and the continuity of consolidations for the possible return of the attempts of the breakout and follow-up above the price area of $51,888 and $52,220.
Strong resistance will be in the price area between U$ 52,660 and U$ 52,960.
If the Bitcoin price manages to advance above U$52,120 it will have to hold between the U$51,780 and U$52,380 price areas in full consolidations to make a good, sustained positive advance to the breakout of the U$52,960 resistance, where continued positive advances will go above U$53,000 and U$54,000.
If the Bitcoin price fails to continue positive advances above $52,000, the downside corrections could this time be stronger and go for a lower bottom than the last bottom formed, which was in the $50,410 price area, and head towards the $50,000 and $49,680 price areas.
Only with continued positive moves above U$52,220 will the Bitcoin price move out of a risk area of the turns of the negative corrections down to U$51,000 and U$50,500.
The Bitcoin price needs to hold above the EMA 50 (H1), for the next few sessions.
A Journal close was made above the U$51,440 price area.
For today it would be good for a Daily close to stay above the $51,780 price area.
Ideally, a close above the $52,060 price area would be good.
Buyers remain in control of the situation and need to break through the resistance of $51,500 and $52,000, where if they cannot, sellers will create the downside below the $50,800 and $50,500 price areas
Major Resistance areas - U$51,500, U$51,880 and U$52,120
Major Support areas - U$51,000, U$50,680 and U$50,400.
H4 chart :
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
The Bitcoin price is tracking above the EMA 5 where it has already made a test on top of it.
The Bitcoin price needs to stay above the EMA 5 in the near term as consolidations continue so that attempts at positive advances above $51,500 and $52,000 can emerge.
It looks like this breakout of the $52,000 price area will not be easy.
It will be extremely important to break through the $52,000 price area so that the Bitcoin price can continue the positive advances upwards from the $52,500, $53,000, and $54,000 price areas.
It follows buyers trying to maintain and evolve the Bitcoin price upwards from the price areas of $51,340 and $51,500.
The chart in H4 will follow all week to have a parameter of the Bitcoin Price Evolution. Only a few adjustments will be made.
Resistances: U$ 51,615 // U$ 52,231 // U$ 52,833 // U$ 53,265.
Supports: U$ 50,953 // U$ 50,384 // U$ 49,821 // U$ 49,428.
https://www.tradingview.com/x/PkFrY1bj/
H1 chart :
Bitcoin price follows above the EMAs and above the Ichimoku Cloud.
Bitcoin price needs to give the continuities of positive developments upwards from the price areas of U$ 51,500 and U$ 52,000 for the next few sessions.
If the Bitcoin price were to fail to make these positive advances in the near term, the negative corrections will appear again, where this time they could go well below the $50,400 and $50,080 price areas.
Buyers continue with good positive moves above $50,400 and will look for the breakout of $52,000 and could still move above $52,500 and $53,000 by the close of the Journal.
If buyers already fail before breaking through the $52,000, sellers will create the downside to below $51,220 and $50,500.
Follow the buyers in their attempts to advance Bitcoin's price above U$ 51,500.
Resistances: U$ 51,492 // U$ 51,820 // U$ 52,049 // U$ 52,393.
Supports: U$51,133 // U$50,858 // U$50,514 // U$50,186.
https://www.tradingview.com/x/iZ6yoGXu/
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