Bitcoin Price Prediction – Bears in Control, Eyeing sub-,000 Levels


For the Afternoon Ahead

Bitcoin would need to move back through the $48,186 pivot to bring the first major resistance level at $49,252 into play.

Support from the broader market will be needed, however, for Bitcoin to break back through to $49,000 levels.

Barring a broad-based crypto rebound, the first major resistance level and Sunday high $49,196.0 would likely cap any upside.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,262.

Failure to move back through the $48,186 pivot would bring the first major support level at $47,176 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$46,000 support levels. The second major support level at $46,110 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the morning.

We saw the 100 EMA pull away marginally from the 200 EMA, however, limiting the damage.

Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 would bring the first major support level back into play.

Key through the late morning and early afternoon, however, would be to move back through the $48,186 pivot to avoid sub-$47,000 support levels.



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