Technical outlook:
Bitcoin has now retraced lower towards sub $33,000 levels from recent peak above $36,600. Traders are advised to initiate fresh long positions again with risk below $28,000 mark. The crypto is trading very close to its fibonacci 0.618 retracement of the recent rally between $31,000 and $36,600 levels respectively and probability remains high for a bullish bounce here.
Bitcoin is seen to be trading around $33,290 levels at this point in writing and is expected to drop through $32,500 levels in the near term. If the above unfolds accordingly, bulls might be back again in control and stronger than before. Immediate support is now seen around $30,000 mark, while resistance stays at $42,600 levels respectively.
A push above $36,600 would accelerate towards $43,000 levels in the weeks to follow. Also note that potential remains to push through $48,000/49,000 levels as well before producing a meaningful retracement. It is good to remain long until prices stay above $28,000 levels, going forward.
Trading plan:
Remain long now, stop @ 28,000, target is 43,000
Good luck!
