Technical outlook:
Bitcoin has been drifting sideways within a range between $32,500 and $35,500 since last few trading sessions. It might have carved a meaningful bottom around $28,500/600 on June 22, 2021, and might be now looking to resume higher again. The crypto might be targeting $42,000 levels in the near future, which confirms that bulls are back in control.
Bitcoin is seen to be trading around $34,200 levels at this point in writing and might be preparing to break higher through $4,200 and $48,000 levels in the weeks to come. Immediate support is now seen at $28,600, while resistance is seen towards $42,600 levels respectively. A push through $43,000 would further accelerate towards $48,000 as well.
Also note that Bitcoin bulls have managed to hold around its one year old trend line since $3,850 lows in March 2020. It is quite possible that the uptrend is still intact and Bitcoin bulls might be inclined to print above $65,000 going forward. Traders are advised to hold on to long positions for now.
Trading plan:
Remain long, stop @ 28,000, target @ 43,000, @ 48,000.
Good luck!
