Technical outlook:
Bitcoin has dropped to fresh weekly lows around $48,333 today, before pulling back. Traders are advised to book profits on short positions taken from around $55,000 earlier and wait for a pullback to enter short positions again. The crypto might produce a pullback rally towards $55,000/58,700 levels at least, before the drop could resume towards $41,000 in the next few trading sessions.
Bitcoin is pullback sharply from the day's lows and is seen to be trading around $49,800 levels at this point in writing. The counter trend rally might be unfolding towards $55,000/58,000 mark before the drop resumes. Immediate resistance is now seen towards $60,000, followed by $65,000; while interim support comes in around $43,000 levels respectively.
Bitcoin structure remains bullish over the medium term but it is expected to remain in control of bears over the immediate short term. Bottom line remains that prices should stay below $65,000 levels. The short-term bearish targets are pointing towards $41,000 and $37,000 respectively, which is close to fibonacci 0.382 retracement as seen here.
Trading plan:
Book profits on short positions taken earlier. Sell again around $58,000, stop @ 65,000, target @ 41,000.
Good luck!
