Bitcoin Bulls Eye Price Prediction 47,000 Levels. Avoiding those under $ 43,000 would be the key, however.

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After a bearish week ending September 26 for Bitcoin and the majors, the start of the week has been mixed.

At the time of writing, Bitcoin, BTC to USD, was up 1.45% to $ 43,816.0.

A mixed start to the day saw Bitcoin drop to an early morning low of $ 42,971.0 before taking a step.

Away from FIB at 38.2% at $ 41,592 and the first major support level at $ 41,339, Bitcoin hit an early morning high of $ 44,356.0.

Despite the rebound, Bitcoin did not hit the first major resistance level at $ 44,502, leading to a pullback to levels below $ 44,000.

The rest of the pack

It has been a mixed morning for the broader crypto market.

As of this writing, Chainlink was down 1.05% to lead the way on the downside, with Polkadot (-0.30%) also reversing the trend.

It was a bullish morning for the rest of the majors, however.

At the time of writing, Ripples XRP was up 2.07% to lead the way, Binance Coin (+1.75%), Ethereum (+1.42%) and Litecoin (+1.31% ) also finding strong support.

However, Bitcoin Cash SV (+ 0.35%), Cardanos ADA (+ 0.88%) and Crypto.com Coin (+1.07%) trailed in the lead.

In the early hours of the morning, the total crypto market cap fell to a low of $ 1.928 billion early in the morning before hitting a high of $ 1.997 billion. At the time of writing, the total market capitalization was $ 1,972 billion.

Bitcoin dominance fell to a low of 41.78% early in the morning before climbing to 41.98%. At the time of writing this article, Bitcoin dominance stands at 41.81%.

For the afternoon to come

Bitcoin should avoid a fall in the pivot of $ 42,651 to bring into play the first major resistance level at $ 44,502.

However, broad market support will be needed for Bitcoin to break out of the morning high of $ 44,356.0.

Barring a widespread crypto rebound, the first major resistance level and resistance at $ 45,000 would likely cap any upside potential.

In the event of a prolonged rally throughout the afternoon, Bitcoin could test resistance at $ 47,000 before any pullbacks. The second major resistance level is located at $ 45,814.

The story continues

A fall through the $ 42,651 pivot would put the 38.2% FIB at $ 41,592 and the first major support level at $ 41,339.

Unless an extended afternoon sell-off, however, Bitcoin should avoid support levels below $ 40,000. The second major support level is at $ 39,488.

Beyond the support and resistance levels, we saw the 50 EMA converge towards the 100 EMA and narrow towards the 200 EMA throughout the morning.

We also saw the 100 EMA narrow marginally on the 200 EMA, providing additional support.

In the second half of the day, a bullish cross of the 50 EMA to the 100 and a narrowing of the 200 EMA would stake $ 47,000.

The key in the late morning and early afternoon would be to avoid a drop over the days to hit $ 42,651 to support Bitcoin and the wider market.

This article originally appeared on FX Empire

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