Technical outlook:
Bitcoin had slipped through $28,800 levels as expected before reversing higher. The crypto seems to have completed a major correction lower and is now looking poised to push through $43,000 and $49,000 levels respectively. Traders who initiated short positions earlier please book full profits and turn long from here, with risk below $28,000.
Bitcoin has raised through $34,200 levels as we prepare to publish this update, and is expected to continue higher over the next few trading sessions. Pleas note that this rally is not expected to go beyond $65,000 levels in the near future. Immediate support is seen around $28,800 mark, while resistance is seen around $43,000 levels respectively.
A break above $43,000 would confirm that Bitcoin bulls are back in control and would remain poised to push through $48,500 levels going forward. Please note that this could be a counter trend rally up to $48,500 mark and then bears might be back in control. Short term bullish reversal seems to be on cards now.
Trading plan:
Take profits on short positions.
Remain long, stop @ 28,000, target @ 43,000 and @ 48,000
Good luck!
