For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $49,807 to break back through the second major resistance level and 23.6% FIB.
Support from the broader market would be needed, however, for Bitcoin to revisit this morning’s high $50,558.0.
Barring an extended crypto rally through the afternoon, resistance at the morning high would likely leave Bitcoin short of the third major resistance level at $51,751.
In the event of an extended rally, however, Bitcoin could target $52,000 levels, however, before any pullback.
A fall through the first major resistance level and the $48,947 pivot would bring the first major support level at $48,405 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,545.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs. The 100 also pulled away from the 200 EMA providing support through the morning.
A further widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring $52,000 levels into play.
Bitcoin would need to move back through to $50,500 levels, however, to give the bulls a look at $55,000.
A fall through first major resistance level at $49,807 and the pivot would bring support levels into play…