After a mixed start to the week, it’s been a bullish morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 2.19% to $46,941.0.
A choppy start to the day saw Bitcoin fall to an early morning low $45,291.0 before making a move.
Steering clear of the of the first major support level at $45,061, Bitcoin rose to a late morning current day high $47,167.0.
Falling short of the first major resistance level at $47,441, however, Bitcoin slipped back to sub-$47,000 levels.
The Rest of the Pack
It has been a bullish morning for the broader crypto market.
At the time of writing, Chainlink and Polkadot were up by 7.56% and by 76.05% to lead the way once more.
Through the early hours, the crypto total market fell to an early morning low $1,908bn before rising to a high $2,009bn. At the time of writing, the total market cap stood at $2,005bn.
Bitcoin’s dominance rose to an early morning high 44.65% before falling to a low 44.01%. At the time of writing, Bitcoin’s dominance stood at 44.01%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $46,565 pivot to bring the first major resistance level at $47,441 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $47,167.0.
Barring an extended crypto rally through the afternoon, the first major resistance level and Monday’s high $48,069 would likely cap any upside
In the event of an extended rally, however, Bitcoin could target $49,000 levels before any pullback. The second major resistance level sits at $48,945.
A fall back through the $46,565 pivot would bring the first major support level at $45,061 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,185.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the late morning. This was after a narrowing through the early hours. We also saw the100 EMA pull away from the 200 EMA. The bullish mid-morning signals supported the late morning rally.
A continued widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring $49,000 levels into play.
Avoiding a fall back through the $46,565 will be key in the early afternoon.
This article was originally posted on FX Empire