For the Afternoon Ahead
Bitcoin would need to move back through the $32,513 pivot to bring the first major resistance level at $33,438 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $33,200.0.
Barring a broad-based crypto rebound, the first major resistance level and resistance at $33,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $34,000 levels. The second major resistance level sits at $34,053.
Failure to move back through the $32,513 pivot would bring the first major support level at $31,897 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$30,000 support levels.
The second major support level at $30,973 should continue to limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs before pulling back through the late morning.
We also saw the 100 EMA pullback from the 200 EMA supporting further losses this morning.
A further pullback of the 50 EMA from the 100 EMA and the 200 EMA this afternoon would bring the support levels back into play.
Key going into the afternoon will be for Bitcoin to move through the pivot to $32,513. A lack of support could bring the sub-$31,000 levels and the second major support level at $30,898 into play.