For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $60,216 pivot to take another run at the first major resistance level at $62,826.
Support from the broader market will be needed, however, for Bitcoin to breakout from Thursday’s high $62,444.0.
Barring an extended crypto rally, the first major resistance at $62,826 and resistance at $63,000 would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test the second major resistance level at $65,054.
A fall back through the $60,216 pivot would bring the first major support level at $57,988 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$57,000 levels.
The second major support level sits at $55,378.
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 narrow marginally on the 200 EMA, delivering additional support.
Through the 2nd half of the day, a further narrowing of the 50 EMA on the 100 would bring $65,000 levels into play.
Key through the late morning and early afternoon, however, would be to avoid a fall back through to sub-$60,200 levels.