For the Day Ahead
Bitcoin would need to continue to avoid the $31,729 pivot to support another run at the first major resistance level at $34,211.
Support from the broader market would be needed, however, for Bitcoin to break back through to $34,200 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $34,500 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 levels. The second major resistance level sits at $35,850.
A fall through the $31,729 pivot would bring the first major support level at $30,090 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$29,000 levels and the 62% FIB of $27,237. The second major support level sits at $27,608.
Looking beyond the support and resistance levels, the 50 EMA narrowed on the 100 and the 200 through the morning, supporting the mid-morning rally.
We have also seen the 100 EMA flatten on the 200 EMA adding further support.
A further narrowing of the 50 EMA on the 100 EMA would bring sub-$35,000 levels into play.
Key going into the afternoon, however, would be a move back through the morning high $34,486 to $34,500 levels.