After a bullish week ending 15th August, it’s been a bullish morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 1.15% to $47,563.0.
A mixed start to the day saw Bitcoin fall to an early morning low $46,830.0 before making a move.
Steering clear of the of the first major support level at $45,872, Bitcoin rose to an early morning current day high $48,069.0.
Bitcoin broke through the first major resistance level at $47,770 before easing back.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
It was a bullish morning for the rest of the majors, however.
At the time of writing, Chainlink and Polkadot were up by 8.75% and by 7.81% to lead the way.
Through the early hours, the crypto total market fell to an early morning low $1,979bn before rising to a high $2,024bn. At the time of writing, the total market cap stood at $2,018bn.
Bitcoin’s dominance rose to an early morning high 44.77% before falling to a low 44.19%. At the time of writing, Bitcoin’s dominance stood at 44.23%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall through the $46,621 pivot to bring the first major resistance level at $47,770 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from $47,500 levels.
Barring an extended crypto rally through the afternoon, the first major resistance level and morning high $48,069 would likely cap any upside
In the event of an extended rally, however, Bitcoin could target $49,000 levels before any pullback. The second major resistance level sits at $48,519.
A fall through the $46,621 pivot would bring the first major support level at $45,872 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,723.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the morning. We also saw the 100 EMA pull away from the 200 EMA. The bullish signals delivered support through the morning session.
A continued widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring $49,000 levels into play.
Avoiding a fall through the $46,621 pivot will be key in the early afternoon.