For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the $53,839 pivot to bring the first major resistance level at $57,239 back into play.
Support from the broader market will be needed, however, for Bitcoin to break out from Wednesday’s high $55,743.0.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at the $60,000 levels before any pullback. The second major resistance level sits at $59,144.
A fall back through the $53,839 pivot would bring the first major support level at $51,934 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$50,000 support levels and the second major support level at $48,534.
The 23.6% FIB of $50,473 should limit any downside.
Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs through the morning.
We also saw the 100 EMA pull away from the 200 EMA limiting the morning losses.
Through the 2nd half of the day, a further widening of the 50 EMA from the 100 would bring $57,000 levels and beyond into play.
Key through the late morning and early afternoon, however, would be to avoid a fall back through the $53,839 pivot.