Technical outlook:
Bitcoin bulls were able to print yet another high today around $51,721 mark. The crypto has hit past the fibonacci 0.618 extension ($49,851) of the entire rally between $8,900 and $42,000 levels respectively. It is high time that a meaningful corrective drop could be underway anytime soon towards $35,000 levels at least.
The crypto is seen to be trading around $51,300/400 levels at this point in writing and is expected to produce a meaningful pullback soon. Immediate resistance is seen around $52,000 zone while support comes in around $45,800 levels respectively. A break below $45,000 will add to further confidence over the bearish setup and that Bitcoin might drag further towards $29,000 levels going forward. The overall uptrend seems to be intact for now with no major support being taken out.
Only if Bitcoin drops through $28,900 mark and subsequently below the trend line support, will the bullish structure need a re-thinking. A corrective drop towards $35,000 would provide yet another opportunity to initiate fresh long positions.
Trading plan:
Remain flat for now, plan to buy @ $35,000 levels.
Good luck!
