Technical outlook:
Bitcoin continues its pullback rally after dropping towards $47,000 lows on April 25, 2021; and is expected to reach up to $58,000 mark in the next few days. The crypto is required to drop towards $41,000 mark, which is also fibonacci 0.382 retracement of the entire rally between $3,850 and $65,000 levels, before resuming its rally.
Bitcoin is seen to be trading around $54,500/600 levels at this point in writing and is expected to test $58,000/60,000 zone before turning lower again. Immediate resistance stands at $65,000 mark; while support comes in around $43,000 levels respectively. A drop towards $43,000/41,000 zone could complete a corrective decline that had begun from $65,000 levels earlier.
The overall uptrend continues to remain intact and Bitcoin needs to break below its one year rising trend line, which is now passing through $28,000 levels, to turn the trend lower again. Watch out for short-term resistance around $58,000 mark and bears coming back into control.
Trading plan:
Sell again @ 58,000/60,000, stop @ 65,000, target @ 43,000 and 41,000
Good luck!
