For the afternoon to come

Bitcoin is expected to break through the $ 32,080 pivot to trigger the first major resistance level at $ 33,010.

However, broad market support would be needed for Bitcoin to break out of this morning’s $ 32,085.0 high.

Barring a widespread crypto rebound, the first major resistance level would likely cap any upside potential.

In the event of a prolonged crypto rally, Bitcoin could test resistance at levels of $ 34,000. The second major resistance level is located at $ 34,130.

If you don’t get back to the pivot at $ 32,080, the first major support level at $ 30,960 would roll over.

Unless an extended afternoon sell-off, however, Bitcoin should avoid support levels below $ 30,000.

The second major support level at $ 30,030 should continue to limit the decline.

Beyond the support and resistance levels, we saw the 50 EMA retreat further from the 100 and 200 EMA during the morning, causing Bitcoin to pull out.

We also saw the 100 EMA retreat further from the 200 EMA, supporting the losses this morning.

A further withdrawal of the 50 EMA from the 100 EMA and the 200 EMA this afternoon would bring the support levels back into play.

The key for the afternoon will be for Bitcoin to come back to $ 32,080. A lack of support could bring the levels below $ 31,000 into play and the second major support level at $ 30,030. An extended sell-off and Bitcoin would likely drop below $ 30,000 for the first time since late June.

Source link