Bitcoin Price Prediction – Avoiding a Return to sub-,000 Would Bring ,500 into Play


For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $39,907 pivot to bring the first major resistance level at $41,010 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $40,623.0.

Barring an extended crypto rally through the afternoon, expect resistance at $40,500 to pin Bitcoin back.

In the event of a breakout, however, Bitcoin should target $42,500 levels before any pullback. The second major resistance level sits at $42,004. Bitcoin would need plenty of support, however, to breakout from the 38.2% FIB of $41,592.

A fall back through the $39,907 pivot would bring the first major support level at $38,913 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$38,000 levels, however. The second major support level sits at $37,810.

Looking beyond the support and resistance levels, we saw the 50 EMA hold its ground against the 100 and 200 EMAs this morning. This supported the modest upside through the morning.

A widening of the 50 from 100 and 200 EMAs this afternoon would bring the 38.2% FIB of $41,592 into play.

Key going into the afternoon will be for Bitcoin to avoid a fall back through the pivot to sub-$39,500 levels.



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