Bitcoin (BTC) Faces sub-$46,500 Levels as Bulls Fail to Break Resistance at $48,500
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 1.06% to $47,162.
A mixed start to the day saw Bitcoin rise to an early morning high $48,038 before hitting reverse. Falling short of the first major resistance level at $48,916, Bitcoin fell to a late morning low $46,801.
The mid-morning reversal saw Bitcoin fall through the first major support level at $46,979 before returning to $47,000 levels.
Key through the morning was avoiding a fall to sub-$46,500 levels.
For the Afternoon Ahead
Bitcoin would need to move through the $48,229 pivot to bring the first major resistance level at $48,916 into play.
Support from the broader market would be needed for Bitcoin to break out from $48,500 levels. Barring an extended rally, the first major resistance level and Thursday’s high $49,480 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 $50,166.
Failure to move through the $48,229 pivot would bring the first major support level at $46,979 back 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 at $46,292 should limit the downside.
Looking beyond the major support and resistance levels, we saw the 50 EMA pullback from the 100 EMA. We also saw the 100 EMA pull back from the 200 providing further selling pressure.
Through the afternoon, a bullish cross of the 50 through the 100 would be needed to bring $50,000 levels into play and give the bulls a run at $52,000 levels.
For the bears, a fall back through the first major support level at $46,979 would bring sub-$46,500 support into play.