For the Afternoon Ahead
Bitcoin would need to avoid the $32,222 pivot to bring the first major resistance level at $32,708 into play.
Support from the broader market would be needed, however, for Bitcoin to move back through to $32,500 levels.
Barring an extended crypto rally, the first major resistance level and current day high $32,948.0 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $33,500. The second major resistance level sits at $33,097.
A fall through the $32,222 pivot would bring the first major support level at $31,833 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 $31,347 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs this morning.
We also saw the 100 EMA narrow on the 200 EMA adding further support to Bitcoin and the crypto bulls.
A further widening of the 50 EMA from the 200 EMA and narrowing of the 100 EMA on the 200 EMA this afternoon would bring $33,000 levels into play. A bullish cross of the 100 through the 200 would support a breakout.
Key going into the afternoon will be for Bitcoin to break back through the first major resistance level at $32,708.
Following Thursday’s gains, Bitcoin would need to avoid the day’s $32,222 pivot else face a sharp pullback.
