For the Afternoon Ahead
Bitcoin would need to move back through the $32,752 pivot to bring the first major resistance level at $33,315 into play.
Support from the broader market would be needed, however, for Bitcoin to move back through to $33,000 levels.
Barring a broad-based crypto rebound, the first major resistance level and Tuesday’s high $33,337.0 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 $33,899.
Failure to move back through the $32,752 pivot would bring the first major support level at $32,168 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$31,000 support levels.
The second major support level at $31,605 should continue to limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA pull further back from the 100 and 200 EMAs through the morning.
We also saw the 100 EMA pullback from the 200 EMA supporting further losses this morning.
A continued 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 $32,752 to avoid another day in the red.
Through the late morning, we have seen the 50 and the 100 EMA begin to flatten. A narrowing on the 200 would support a broad-based crypto rebound.
