At the time of writing, Bitcoin, was up by 1.15% to $57,825.
A mixed start to the day saw Bitcoin rise to an early morning high $58,289 before falling to a low $57,067.
The early rally saw Bitcoin break through the first major resistance level at $57,987. Steering clear of the first major support level at $56,120, however, Bitcoin retested the first major resistance level, with a late morning high $57,959 before easing back.
For the Afternoon Ahead
Bitcoin would need to continue to avoid the $56,941 pivot to bring the second major resistance level at $58,808 into play.
Support from the broader market would be needed for Bitcoin to break out from this morning’s high $58,290 and $58,500 levels.
Barring an extended rally, the second major resistance level should limit the upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $60,000 before any pullback. The third major resistance level sits at $60,675.
A fall through the $56,941 pivot, however, would bring the first major support level at $56,120 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer well clear of the 23.6% FIB of $53,628. The second major support level at $55,074 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs this morning.
We also saw the 100 EMA flatten on the 200, delivering further support.
A further narrowing of the 50 EMA on the 100 would bring $59,000 levels into play, with a bullish cross likely to deliver $60,000 levels.
Key through the late morning and early afternoon would be to avoid the day’s pivot level and move through to $58,500 levels to give the bulls a run at $60,000.
This article was originally posted on FX Empire