Technical outlook:
Bitcoin seems to be carving a lower top around $58,000/59,000 zone, and might be preparing to reverse through $43,000 levels in the coming weeks. The crypto had managed to rally yesterday but it stills looks like a corrective counter trend, which might stall around $58,400/500 zone and bears back in control. Bottom line for bears to remain in control is $61,781 high registered over the weekend.
Immediate resistance stays around $61,800mark, while support comes in around $43000 levels respectively. A consistent break below $43,000 will confirm a meaningful correction ahead. Please note that fibonacci 0.382 retracement of the entire rally between $3,850 and $61,780 is seen passing through $39,600 levels and Bitcoin might find some support coming in.
The overall uptrend and bullish structure remains intact for now but Bitcoin remains vulnerable for a deeper correction towards $28,500 levels, which is fibonacci 0.618 retracement of the above rally. Also note that trend line support is passing through $24,500/25,000 levels and bullish bounce remains a high probability there.
Trading plan:
Remain short, stop @ 62,000, target @ 43,000 and 28,000
Good luck!
