It’s a bearish start to the day for Bitcoin, with the slide from last week’s all-time high $41,969 spooking investors.
Support and Resistance Levels
A move back through the 23.6% FIB of $33,008 and a move through the pivot level at $34,402 would support a run at the first major resistance level at $36,377.
Support from the broader market is going to be needed, however, for Bitcoin to breakout from $35,500 levels.
A break through the first major resistance level would bring the resistance at $40,000 into play.
The second major resistance level sits at $38,631.
Failure to move through the 23.6% FIB of $33,008 and the $34,402 pivot would leave the first major support level at $32,148 in play.
Barring a crypto meltdown, Bitcoin should avoid sub-$30,000 levels. The second major support level at $30,173 should limit the downside.
EMAs and MACD
Looking at the 50 EMA, a pullback from the 100 EMA and 200 EMA supports further downside ahead. The 100 EMA is also closing in on the 200 EMA this morning.
The MACD is also signaling a bearish trend ahead, with a widening of the bearish histograms supporting this morning's pullback.
Support and Resistance Levels
A move back through the 23.6% FIB of $33,008 and a move through the pivot level at $34,402 would support a run at the first major resistance level at $36,377.
Support from the broader market is going to be needed, however, for Bitcoin to breakout from $35,500 levels.
A break through the first major resistance level would bring the resistance at $40,000 into play.
The second major resistance level sits at $38,631.
Failure to move through the 23.6% FIB of $33,008 and the $34,402 pivot would leave the first major support level at $32,148 in play.
Barring a crypto meltdown, Bitcoin should avoid sub-$30,000 levels. The second major support level at $30,173 should limit the downside.
EMAs and MACD
Looking at the 50 EMA, a pullback from the 100 EMA and 200 EMA supports further downside ahead. The 100 EMA is also closing in on the 200 EMA this morning.
The MACD is also signaling a bearish trend ahead, with a widening of the bearish histograms supporting this morning's pullback.