Bitcoin price Prediction – Bulls Need to Revisit $45,000 to Avoid another Sell-off and sub-$40,000
For the Afternoon Ahead
Bitcoin would need to move through the $44,306 pivot to bring the first major resistance level at $46,046 into play.
Support from the broader market will be needed, however, for Bitcoin to break back through to $45,000 levels.
Barring a broad-based crypto rebound, resistance at $45,000 would likely leave Bitcoin short of the first major resistance level.
In the event of an extended rally through the afternoon, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,066.
Failure to move through the $44,306 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,286 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 support levels. The second major support level sits at $39,546.
Looking beyond the support and resistance levels, we saw the 50 EMA pullback from the 100 and the 200 EMAs through the morning.
We also saw the 100 EMA pullback from the 200 EMA, also a bearish signal.
Through the 2nd half of the day, a flattening of the 50 EMA on the 100 and 200 EMAs would provide much-needed support.
Key through the late morning and early afternoon Bitcoin would be to move through the day’s pivot to $45,000 levels, however, to support the broader market.
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