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Bitcoin Price Prediction – A Move back Through to $57,000 Levels Would Bring $58,500 back into Play

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Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin’s Morning Session

At the time of writing, Bitcoin, was up by 0.62% to $56,866.

A mixed start to the day saw Bitcoin fall to an early morning low $56,101 before making a move. Steering clear of the first major support level at $55,776, however, Bitcoin rallied to a late morning high $57,332.

While steering clear of the day’s first major support level at $55,776, Bitcoin briefly broke through the first major resistance level at $57,324 before falling back to sub-$57,000 levels.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the $56,583 pivot to bring the first major resistance level at $57,324 back into play.

Support from the broader market would be needed for Bitcoin to break back through to $57,000 levels. Barring an extended rally, the first major resistance level and the morning high $57,390 should limit the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $58,500. The second major resistance level sits at $58,131

A fall back through the $56,583 pivot would bring the first major support level at $55,776 back into play. Barring another extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,035 should limit the downside.

Looking beyond the major support and resistance levels, we saw the 50 EMA pull back from the 200 EMA. We also saw the 50 converge on the 100 EMA, pointing to an imminent bearish cross.

Through the afternoon, avoiding a bearish cross of the 50 through the 100 would support a breakout and a run at $58,000 levels.

For the bulls, avoiding a fall back through the day’s pivot and a return to $58,500 levels would be key to avoid another sell-off.

This article was originally posted on FX Empire

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