After a bearish week last week and a bearish start to the current week, Bitcoin and the crypto majors found much-needed support this morning.
At the time of writing, Bitcoin, BTC to USD, was up by 2.14% to $45,920.0.
A mixed start to the day saw Bitcoin fall to an early morning low $44,699.0 before making a move.
Steering clear of the first major support level at $43,311, Bitcoin rose to a late morning high $46,212.1.
Falling short of the first major resistance level at $46,741, however, Bitcoin eased back to sub-$46,000 levels.
The Rest of the Pack
It has been a bullish morning for the broader crypto market.
At the time of writing, Crypto.com Coin and Polkadot were up by 4.35% and by 4.46% respectively to lead the way.
Binance Coin (+1.12%), Chainlink (+1.04%), Ethereum (+1.33%), and Ripple’s XRP (+1.18%) also found solid support.
Bitcoin Cash SV (+0.50%), Cardano’s ADA (+0.11%), and Litecoin (+0.08%) trailed the front runners, however.
Through the early hours, the crypto total market cap fell to an early morning low $2,047bn before rising to a high $2,109bn. At the time of writing, the total market cap stood at $2,099bn.
Bitcoin’s dominance fell to an early morning low 40.98% before rising to a late morning high 41.29%. At the time of writing, Bitcoin’s dominance stood at 41.14%.
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.
This article was originally posted on FX Empire
