This is the mid-session tech analysis for Bitcoin. 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 3.47% to $48,879.
A mixed start to the day saw Bitcoin rise to an early morning high $50,844 before hitting reverse. Falling short of the first major resistance level at $51,704, Bitcoin slid to a midday low $48,726, The extended sell-off saw Bitcoin fall through the first major support level at $49,829 and the second major support level at $49,025.
Key through the morning was avoiding sub-$48,500 levels, which would support a return to $49,000 levels.
For the Afternoon Ahead
Bitcoin would need to move back through the major support levels and move through the $50,900 pivot to bring the first major resistance level at $51,705 into play.
Support from the broader market would be needed for Bitcoin to break out from $51,500 levels. Barring an extended rally, the first major resistance level and resistance at $52,000 should limit the upside.
In the event of a broad-based crypto rally, Bitcoin could test the 23.6% FIB of $53,628. The second major resistance level sits at $52,775. Bitcoin would need plenty of support, however, to break out from the morning high $50,844.
Failure to move back through the major support levels and through the $50,900 pivot would bring the third major support level at $47,150 into play. Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$48,500 levels.
Looking beyond the major support and resistance levels, we saw the 50 EMA pull back from the 100 and 200 EMAs. We also saw the 100 EMA pullback from the 200, adding further downward pressure.
Through the afternoon, a narrowing of the 50 the 100 and a bullish cross would support a run at $53,000.
Key would be to move back through to $51,000 levels to avoid a day in the deep red.
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This article was originally posted on FX Empire