For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $50,216 to bring the second major resistance level at $51,157 back into play.
Support from the broader market would be needed, however, for Bitcoin to break back through the 23.6% FIB of $50,473.
Barring an extended crypto rally through the afternoon, the second major resistance level would likely cap any upside.
In the event of an extended rally, however, Bitcoin could target $53,000 before any pullback. The third major resistance level sits at $52,891.
A fall back through first major resistance level and through the $49,423 pivot would bring the first major support level at $48,482 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 $47,689.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the morning.
The 100 EMA also pulled away from the 200 EMA adding further support through the morning.
Key going into the afternoon would be a break back through the 23.6% FIB and a move through to $51,000 levels.
A narrowing of the 50 EMA on the 100 EMA, however, would test investor resilience.
On the economic data front, particularly disappointing nonfarm payroll figures from the U.S should deliver support…
Avoiding a fall back through the first major resistance level at $50,216 will be key, however.