Yahoo News Bitcoin Price Prediction – Avoiding sub-$48,500 Would Bring $53,000 Levels into Play
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 up by 0.48% to $49,136.
A mixed start to the day saw Bitcoin rise to an early morning high $49,324 before hitting reverse. Falling short of the first major resistance level at $50,081, Bitcoin fell to a mid-morning low $48,546.
Steering well clear of the first major support level at $47,161, Bitcoin returned to $49,000 levels and back into positive territory.
Key through the morning was avoiding a fall through the day’s $48,340 pivot.
For the Afternoon Ahead
Bitcoin would need to avoid the $48,340 pivot to bring the first major resistance level at $50,081 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $49,520. 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 the 23.6% FIB of $53,628 before any pullback. The second major resistance level sits at $51,260.
A fall through the $48,340 pivot would bring the first major support level at $47,161 into play. Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits at $45,420.
Looking beyond the major support and resistance levels, we saw the 50 EMA converge on the 100 EMA. We also saw the 100 EMA narrow on the 200 providing further support
Through the afternoon, a bullish cross of the 50 on the 100 would bring $50,000 levels into play and give the bulls a run at $53,000 levels.
For the bulls, avoiding the day’s $48,340 pivot will be key through the afternoon.
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This article was originally posted on FX Empire
