Technical outlook:
Bitcoin seems to have completed its sideways triangle consolidation, which lasted for several trading sessions since printing lows at $30,000 levels earlier. The crypto had rallied through $37,900 levels today, potentially terminating the triangle consolidation. If the above structure is correct, Bitcoin is expected to drop below $30,000 levels one last time before turning higher.
Bitcoin is seen to be trading around $36,400 levels at this point in writing looking to prepare to continue lower below $30,000 mark. Immediate support is seen at $28,500, while resistance is seen around $40,500 levels respectively. A break below $28,500 in the near term might trigger a rally back towards $48,000 levels at least.
Bitcoin uptrend remains in tact for now and the crypto might still have another high to be print above $65,000 levels going forward. Traders might be advised to book profits on long positions taken earlier and remain flat for a while. A drop below $30,000 might offer yet another opportunity to initiate fresh long positions.
Trading plan:
Remain short stop @ 41,500, target @ 28,500
Then buy @ 28,500, stop @25,000, target @ 48,000
Good luck!
