Technical outlook:
Bitcoin bulls might remain poised to push through fresh highs above $61,780 mark in the next several trading sessions. For the above bullish structure to stay intact, prices must remain above $50,000 mark, going forward. The crypto might produce a corrective drop towards $52,000/53,000 levels, as discussed yesterday before turning higher again.
Bitcoin is seen to be trading around $58,100 levels at this point in writing ad is expected to drop towards $52,000 mark in the near term. Bulls might be back in control after that and resume its rally towards $62,000 and $65,000 mark. Immediate support is $43,000; while resistance is fixed at $62,000 levels respectively. Bulls remain poised to push through resistance in the next few weeks time.
The religious uptrend that had begun since $3,850 lows in March 2020, remains intact for now. Bitcoin might still have some steam left to print higher highs around $62,000/65,000 zone, before giving in to bears and resuming lower again. Traders might be prepared to buy around $52,000/53,000 zone with risk around $43,000.
Trading plan:
Aggressive traders remain short with stop @ 62,000 and target @53,000
Then turn bullish with stop @ 43,000, target @ 63,000 and 65,000.
Good luck!
