Bitcoin price prediction failure to hit $ 48,500 would put bears in control

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For the afternoon to come

Bitcoin should avoid a fall through the $ 47,768 pivot to bring into play the first major resistance level at $ 48,813.

However, broad market support will be needed for Bitcoin to break out of the morning high of $ 48,530.0.

Barring a large-scale crypto rally, the first major resistance level and resistance at $ 49,000 would likely lock Bitcoin.

If there is a prolonged rally throughout the afternoon, Bitcoin could test 23.6% FIB resistance of $ 50,473 before any pullback. The second major resistance level is located at $ 49,488.

A pullback on the pivot of $ 47,768 would bring into play the first major support level at $ 47,093.

Unless an extended afternoon sell-off, however, Bitcoin should avoid the $ 47,000. The second major support level stands at $ 46,048.

Beyond the support and resistance levels, we saw the 50 EMA tighten over the 100 and 200 EMA until late morning.

We also saw the 100 EMA flatten out on the 200 EMA, failing to deliver a bullish cross.

During the second half of the day, a widening of the 50 EMA from the 100 and 200 EMAs would bring in levels of $ 49,000.

A bullish cross from 100 EMA to 200 EMA, however, would bring $ 50,000 levels back into play.

The key in the late morning and early afternoon would be to avoid a pullback on the day’s $ 47,768 pivot.

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