For the Afternoon Ahead
Bitcoin would need to move back through the first major support level and the $45,760 pivot to bring the first major resistance level at $46,745 into play.
Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $46,269.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at $47,000 would likely pin Bitcoin back.
In the event of an extended rally through the afternoon, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,452.
Failure to move back through the first major support level at $45,053 and the $45,60 pivot would bring the second major support level at $44,068 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$44,000. The second major support level at $44,068 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA pullback from the 100 and 200 EMAs through the morning.
We also saw the 100 EMA pullback from the 200 EMA suggesting a bearish afternoon.
Through the 2nd half of the day, a further pullback of the 50 EMA from the 100 and 200 EMAs would bring sub-$44,000 levels.
Key through the afternoon, however, would be to move back through the day’s pivot level at $45,760. Failure to return to positive territory would give the bears the upper hand.