Technical outlook:
Bitcoin has raised through $54,500 levels today, probably completing its counter trend rally that had begun since $43,000 mark earlier. The structure remains constructive for bears until prices stay below $58,300 levels going forward. Bitcoin is seen to be trading around $53,900 levels at this point in writing as bears are looking poised to resume lower again.
Immediate resistance is seen at $58,300, while interim support is fixed around $43,000 levels respectively. A break below $43,000 mark will accelerate further towards $37,000 and $25,000 respectively. Also note that $37,000 and $24,000/25,000 are the fibonacci 0.382 and 0.618 retracement levels of the entire rally between $3,850 and $58,300 levels respectively.
The overall structure remains bullish until prices stay in the buy zone of the trend line support. Only a break below would confirm a much deeper correction towards $15,500 zone. For now, we remain short against $58,300 and expect pries to drop at least towards $37,000 levels before reversing higher again.
Trading plan:
Remain short, stop @ 60,000, target @ 37,000
Good luck!
