It’s been a choppy morning, with resistance at $49,000 pegging Bitcoin (BTC) back. A move through to $49,500, however, would give the bulls a run at $52,000 levels.
This is the mid-session tech analysis for Bitcoin (BTC). We will be looking at movements through the morning session and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the EMAs and the key levels for the 2nd half of the day.
Bitcoin’s Morning Session
At the time of writing, Bitcoin, was down by 0.30% to $48,256.
A mixed start to the day saw Bitcoin fall to an early morning low $47,881 before finding support. Steering clear of the first major support level at $46,942, Bitcoin moved back through to $48,000 levels rose to a late morning high $48,806 before easing back to sub-$48,500 levels.
Key through the morning was avoiding a fall through the day’s $47,813 pivot.
For the Afternoon Ahead
Bitcoin would need to avoid the $47,813 pivot to bring the first major resistance level at $49,270 into play.
Support from the broader market would be needed for Bitcoin to break out from the morning high $48,806. Barring an extended rally, the first major resistance level should limit the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $52,000 levels before any pullback. The second major resistance level sits at $50,141.
A fall through the $47,813 pivot would bring the first major support level at $46,942 into play. Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$45,000 levels. The second major support level at $45,485 should limit the downside.
Looking beyond the major support and resistance levels, we saw the 50 EMA narrow on the 100 EMA. We saw the 100 EMA pullback from the 200, however, testing support
Through the afternoon, a further narrowing of the 50 on the 100 would bring $49,000 levels back into play. A bullish cross of the 50 through the 100, however, would give the bulls a run at $52,000 levels.
For the bulls, avoiding the day’s $47,813 pivot will be key through the afternoon.
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