For the Afternoon Ahead
Bitcoin would need to move back through the $61,727 pivot to bring the first major resistance level at $62,755 into play.
Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $62,600.0.
Barring an extended crypto rally, the first major resistance at $62,755 would likely cap any upside.
In the event of another extended rally through the afternoon, Bitcoin could test resistance at $65,000 before any pullback. The second major resistance level sits at $64,094.
Failure to move back through the $61,717 pivot would bring the first major support level at $60,388 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$59,000 levels.
The second major support level at $59,360 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA converge on the 100 while narrow on the 200 EMA this morning. We also saw the 100 EMA narrow on the 200 EMA.
Through the 2nd half of the day, a narrowing of the 50 EMA on the 200 to bring sub-$60,000 levels into play.
Key through the late morning and early afternoon, however, would be to move back through to $62,500 levels to support a breakout.
