Bitcoin price prediction failure to revisit $ 34,500 levels would leave Bitcoin in the red

[ad_1]

After a bearish start to the week, the crypto majors found much needed support this morning.

At the time of writing this article, Bitcoin, BTC to USD, was up 0.67% to $ 33,897.0. A mixed start to the day saw Bitcoin fall to a low of $ 33,625.0 early in the morning before climbing to a high of $ 35,196.0 by mid-morning.

Bitcoin broke through the first major resistance level at $ 34,926 to revisit the $ 35,000 levels before falling back to levels below $ 34,000.

The key to the first few hours was the failure to avoid a return to levels below $ 34,500.

The rest of the pack

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

At the time of writing, Bitcoin Cash SV was down 3.72% with Litecoin (-0.89%) also opposing the morning trend.

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

Chainlink (+ 4.55%) and Crypto.com Coin (+ 3.93%) led the way, with Binance Coin (+ 2.50%) and Ethereum (+ 3.56%) also finding strong support.

Cardanos ADA (+ 0.87%), Polkadot (+ 0.58%) and Ripples XRP (+ 1.40%), however, trailed in the lead.

In the early hours of the morning, the total crypto market fell to a low of $ 1,388 billion early in the morning before hitting a high of $ 1,454 billion. At the time of this writing, the total market cap was $ 1.410 billion.

Bitcoin dominance reached an early high of 45.34% before falling to a low of 45.09%. At the time of writing this article, Bitcoin dominance stands at 45.10%.

For the afternoon to come

Bitcoin is expected to break through the $ 34,026 pivot to bring into play the first major resistance level at $ 34,926.

However, broad market support would be needed for Bitcoin to break out of the $ 34,500 levels.

Barring a large scale crypto rally, resistance at this morning, a high of $ 35,196, would likely cap any rise.

In the event of a prolonged crypto rally, Bitcoin could test resistance at levels of $ 36,000. The second major resistance level is located at $ 36,180.

If the $ 34,026 pivot did not retreat, the first major support level at $ 32,772 would be rolled over.

Unless an extended sell-off throughout the afternoon, however, Bitcoin should avoid support levels below $ 31,000. The second major support level at $ 31,872 should limit the decline.

The story continues

Beyond the support and resistance levels, we saw the 50 and 100 EMA tighten over the 200 EMA this morning. We also saw a bearish cross with the 50 passing through the 100 EMA late in the morning.

A further narrowing of the EMA 50 and 100 on the EMA 200 would trigger a further sell off for Bitcoin bulls.

The key for the afternoon will be getting back to $ 34,500 to bring the resistance levels back into play.

This article originally appeared on FX Empire

More from FXEMPIRE:

[ad_2]