On Tuesday, Bitcoin briefly revisited the “Fear” zone, with the Index rising to 27/100 before the pullback.
For the Bitcoin bulls, the Index will need to move back through to 46/100 to bring April’s high of $47,433 into play.
Bitcoin will need to move through the day’s $38,900 pivot to target the First Major Resistance Level at $39,619.
In the event of an extended rally, Bitcoin could test the Second Major Resistance Level at $40,645 and resistance at $41,000.
Failure to move through the pivot would bring the First Major Support Level at $37,875 into play.
This morning, we saw the 50-day EMA pull back from the 100-day EMA, delivering downside pressure.