Technical outlook:
Bitcoin managed to rally towards $35,000 levels yesterday after printing lows around $28,600 mark early this week. Structurally, bears are looking poised to produce a much deeper correction in the next few weeks. The crypto is expected to produce a pullback or counter trend rally towards at least $41,000 mark, before finding resistance again.
Bitcoin is seen to be trading around $32,600 levels at this point in writing and is expected to continue higher after a shallow correction towards $30,000/500 levels today. Traders might continue to hold long positions initiated yesterday and look to add more around $31,000 levels. Immediate support is seen at $28,500 mark, while resistance comes in around $43,000 levels respectively.
The recent boundary which is being worked upon is between $65,000 and $28,600 levels respectively. A decent pullback rally would push through $48,000 levels , which is also the past support turned resistance zone. We shall turn bearish again around those levels, going forward.
Trading plan:
Remain long, stop @ 26,000, target is $43,000 and $48,000.
Good luck!
