For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $45,093 pivot to bring the first major resistance level at $46,741 into play.
Support from the broader market will be needed, however, for Bitcoin to breakout from the morning high $46,212.1.
Barring a broad-based crypto rally, the first major resistance level and resistance at $47,000 would likely pin Bitcoin back.
In the event of an extended rally through the afternoon, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,523.
A fall back through the $45,093 pivot would bring the first major support level at $43,311 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$41,000. The second major support level at $41,663 and the 38.2% FIB of $41,592 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the late morning.
We also saw the 100 EMA flatten on the 200 EMA providing further support.
Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 and 200 EMAs would bring sub-$47,000 levels.
A bullish cross of the 50 EMA through the 100 and 200 EMAs, however, would bring $50,000 levels back into play.
Key through the late morning and early afternoon would be to avoid a fall back through the day’s $45,093 pivot.
