For the afternoon to come
Bitcoin is expected to break through the pivot of $ 32,953 to bring into play the first major resistance level at $ 33,843.
However, broad market support would be needed for Bitcoin to break out of this morning’s high of $ 33,259.0.
Barring a widespread crypto rebound, the first major resistance level and resistance at $ 34,000 would likely cap any rise.
In the event of a prolonged crypto rally, Bitcoin could test resistance at levels of $ 35,000. The second major resistance level is located at $ 34,829.
If you don’t get back to the pivot at $ 32,953, the first major support level at $ 31,967 would roll over.
Unless an extended afternoon sell-off, however, Bitcoin should avoid support levels below $ 30,000.
The second major support level at $ 31,077 should limit the decline.
Beyond the support and resistance levels, we saw the 50 EMA continue to retreat from the 100 and 200 EMA in the early morning hours.
The decline supported the first lows. By late morning, however, the 50 EMA held its own, suggesting an impending move.
A further pullback of the EMA 50 from the EMA 100 and 200 this afternoon would bring support levels back into play.
The key for the afternoon will be for Bitcoin to cross the pivot at $ 33,000 to avoid another day in the red.