Bitcoin Price Prediction – Failure to revisit the USD 39,000 level would bring under USD 37,000 into play
After a bullish day for the crypto majors on Wednesday, it was a mixed morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC against the USD, is down 4.24% to $ 38,059.0.
After a mixed start to the day, Bitcoin rose to an early morning high of $ 39,844.0 before entering reverse.
Bitcoin missed the first major resistance level of $ 40,632 and slipped to a current daily low of $ 37,839.0 late in the morning.
Bitcoin fell through the first major support level at $ 38,187 before partially rebounding to $ 38,000.
The rest of the package
It’s been a mixed morning for the broader crypto market.
Polkadot bucked the trend in the morning, rising 0.67%.
For the other majors, however, it was a bearish morning.
Chainlink fell 3.86% to take the lead.
Bitcoin Cash SV (-3.18%), Crypto.com Coin (-2.66%), Ethereum (-3.40%), Litecoin (-2.93%) and Ripple’s XRP (-2.30%) also had problems.
However, Binance Coin (-2.06%) and Cardanos ADA (-1.49%) posted relatively modest losses in the morning.
In the early hours of the morning, the overall crypto market soared to an early morning high of $ 1,620 billion before falling to a low of $ 1,550 billion. At the time of writing, its total market cap was $ 1,563 billion.
Bitcoin’s dominance rose to an early high of 46.28% before falling to a low of 45.68%. At the time of writing, Bitcoin was dominant at 45.67%.
For the afternoon to come
Bitcoin would have to move back through the first major support level at $ 38,187 and the pivot at $ 39,076 to bring into play the first major resistance level at $ 40,632.
However, in order for Bitcoin to break back to a level of $ 40,000, support from the broader market would be required.
Aside from an extended afternoon crypto rally, the resistance at $ 40.00 Bitcoin would likely lag behind major resistance levels.
However, in the event of a breakout, Bitcoin should target the 38.2% FIB of $ 41,592 before pulling back. The second major resistance level is at $ 41,521.
Failure to break the first major support level at $ 38,187, levels below $ 37,000 would come back into play.
Aside from a lengthy sell-off that day, Bitcoin should stay away from under $ 36,500. The second major support level at $ 36,631 should limit the downside.
If we look past the support and resistance levels, we saw the 50 EMA pull back from the 100 EMA this morning and close at the 200 EMA. We also saw that the 100 EMA is narrow on the 200 EMA. This supported the downward move into the early morning.
A bearish cross of the 50-200 EMA this afternoon would bring support levels below $ 37,000 into play.
The key for the afternoon would be for Bitcoin to cross the first major support level and the $ 39,076 pivot again.
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