Technical outlook:
Bitcoin seems to be ready to rally further towards $43,000 and up to $48,000 levels going forward. The crypto seems to have bottomed out at around $28,600 mark as discussed yesterday and could produce a corrective rally at least through $43,000 mark before deciding further direction. The drop from $65,000 seems to have carved an interim low for now.
Bitcoin is seen to be trading around $34,700 levels at this point in writing, as bulls prepare to push further through $43,000 in the immediate short term. Immediate price resistance is also seen towards $41,000/42,000, followed by $48,000 mark, while support is now fixed around $28,600 levels respectively. Only a break below $28,600 from here would indicate further bearish scenario.
Bitcoin bulls are preparing to extend higher and break above immediate resistance at $41,000/42,000 levels. Please note that the crypto is not expected to push through $65,000 or higher for now. Hence traders are cautious to hold long positions beyond $42,000 levels in the near term.
Trading plan:
Remain long stop @ 28,000, target @ 42,000 and 48,000.
Good luck!
