For the Afternoon Ahead
Bitcoin would need to avoid the $45,939 pivot to bring the first major resistance level at $47,887 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from $47,500 levels.
Barring an extended crypto rally through the afternoon, resistance at $48,000 would likely leave Bitcoin short of the second major resistance level at $49,008.
In the event of an extended rally, however, Bitcoin could target $50,000 levels, however, before any pullback. The third major resistance level sits at $52,077.
A fall through the $45,939 pivot would bring the first major support level at $44,818 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level sits at $42,870.
Looking beyond the support and resistance levels, we saw a bullish cross this morning with the 50 EMA crossing through the 100 EMA. The 50 also pulled away from the 200 EMA providing support through the morning.
A further widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring resistance levels into play.
Bitcoin would need to move back through to $48,500 levels, however, to give the bulls a run at $50,000.
A fall through the pivot and support levels will come into play…