For the Afternoon Ahead
Bitcoin would need to break back through the first major resistance level at $30,821 to bring the second major resistance level at $31,833 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from $31,500 levels.
Barring an extended crypto rally, resistance at $31,500 would likely leave Bitcoin short of the second major resistance level.
In the event of an extended crypto rally, Bitcoin could test resistance at $32,000 levels. The third major resistance level sits at $33,599.
A fall back through the $30,067 pivot would bring the first major support level at $29,055 into play.
Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$29,000 support levels.
The second major support level sits at $28,301.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs through the mid-morning, supporting the Bitcoin rebound.
We also saw the 100 EMA flatten on the 200 EMA adding further support to Bitcoin and the crypto bulls.
A further narrowing of the 50 EMA on the 100 EMA and the 200 EMA this afternoon would bring $31,500 levels into play.
Key going into the afternoon will be for Bitcoin to break back through the first major resistance level at $30,821.
Following 2 days of heavy losses, Bitcoin would need to avoid a fall back through the day’s $30,067 pivot else face a sharp sell-off…