Bitcoin Price Prediction A Return To $ 50,500 Would Bring $ 52,000 In The Game

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For the afternoon to come

Bitcoin would need to move back to the pivot of $ 49,713 to bring into play the first major resistance level at $ 50,370 and the FIB at 23.6% of $ 50,473.

However, broad market support would be needed for Bitcoin to return to levels of $ 50,000.

Barring a prolonged crypto rally in the afternoon, the first major resistance level and 23.6% FIB would likely cap any rise.

In the event of a prolonged rally, however, Bitcoin could target levels of $ 52,000, before any pullbacks. The second major resistance level is located at $ 51,216.

If you fail to break through the pivot at $ 49,713, the first major support level at $ 48,867 would be put on the line.

Unless there is an extended sell-off on that day, Bitcoin is expected to avoid levels below $ 48,000. The second major support level at $ 48,210 should limit the decline.

Beyond the support and resistance levels, we saw the 50 EMA tighten over the 100 and 200 EMA. The 100 also tightened slightly on the 200 EMA, adding additional pressure throughout the morning.

Despite the narrowing, there are no immediate signs of bearish crosses, suggesting a recovery to come.

A further 50 EMA shrinkage on the 100 and 200 EMAs this afternoon, however, would bring support levels back into play.

However, Bitcoin is expected to return to levels of $ 50,500 to give the bulls a run to $ 52,000.

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