Technical outlook:
Bitcoin has raised through $39,500 levels today and might be quickly approaching resistance zone. The crypto has been consolidating within a triangle since printing lows around $30,000 on May 19, 2021. The recent rally could be seen as last leg within the consolidation structure and bears might come back into control, if $43,000 stays intact.
Bitcoin is seen to be trading close to $39,200/300 levels at this point in writing and might face intraday resistance here. High probability remains for a bearish turn towards $30,000 levels again, before pulling back higher. Immediate resistance is seen at $43,000, followed by $49,000 and higher, while support is around $30000; followed by $28,500 levels respectively.
Bitcoin has been in an uptrend since printing $4,000 lows in March 2020. The crypto has also bounced right at the trend line support around $30,000 levels recently. It might re-test $30,000 levels to complete the corrective structure and resume higher again. Meanwhile, a break above $43,000 would confirm that bulls are back in control.
Trading plan:
Aggressive: Remain short, stop @ 43,500, target @ 28,500
Conservative: Remain flat, buy @ 30,000, stop @ 25,000, target is open.
Good luck!
