Technical outlook:
Bitcoin had extended its drop yesterday through $30,000 levels, while fibonacci extensions were pointing towards $37,000 levels as discussed earlier. Please note that the crypto has bounced right off the trend line support, indicating that bulls might be back in control. Also note that previous support around $28,500 remained intact.
Bitcoin traders might prepare to initiate fresh long positions between $36,000-39,000 zone with risk just below $28,000 mark. The upside potential now remains above $65,000 in the next few trading sessions. The crypto is seen to be trading around $39,900 levels at this point in writing and is expected to resume rally from here on.
Immediate support is just around $28,800; while resistance is seen at $60,000, followed by $65,000 levels respectively. If bulls are back in control, Bitcoin will stay above $30,000 mark and continue higher above $65,000 levels, going forward.
Trading plan:
Remain long, stop @ 28,000, target @ 65,000 plus.
Good luck!
