Bitcoin Price Prediction – Bulls Eye $55,000. Breaking Down Resistance at $53,500 Key
Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP
Bitcoin’s Morning Session
At the time of writing, Bitcoin, was up by 1.52% to $51,282.
A mixed start to the day saw Bitcoin fall to an early morning low $50,397 before making a move. Steering well clear of the first major support level at $48,124, Bitcoin rose to a late morning high $51,584.
Falling short of the first major resistance level at $51,945, however, Bitcoin slipped back to sub-$51,500 levels.
Key through the morning was avoiding a fall through the day’s $49,556 pivot.
For the Afternoon Ahead
Bitcoin would need to avoid the $49,556 pivot to bring the first major resistance level at $51,945 back into play.
Support from the broader market would be needed for Bitcoin to break out from the morning high $51,584. 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 resistance at $55,000 levels. The second major resistance level sits at $53,377. Bitcoin would need plenty of support, however, to breakout from the 23.6% FIB of $53,628.
A fall through the $49,556 pivot would bring the first major support level at $48,24 into play. Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $45,735.
Looking beyond the major support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs. We also saw the 100 EMA flatten on the 200, adding further support.
Through the afternoon, a bullish cross of the 50 through the 100 would support a breakout and a run at $55,000 levels.
Key would be to avoid a fall back to sub-$50,000 levels and through the day’s $49,556 pivot.