Technical outlook:
Bitcoin might have completed its potential triangle consolidation yesterday around $33500 levels. The crypto has rallied sharply higher since then and made an intraday high around $34900 mark today. A push above $36000 will confirm that Bitcoin is breaking out of consolidation and that bulls are back in control. They remain poised to push through $43000 levels going forward.
Bitcoin is currently trading around $34,560 mark and is expected to continue higher towards $36,000 in the near future. Immediate resistance is seen at $42,600, while support remains fixed around $28,600 levels respectively. A break above $36,000 will confirm and accelerate towards $43,000 resistance, going forward.
It would be interesting to see how prices react around $43,000 mark. Ideally, Bitcoin might pullback after reaching $43,000 levels before deciding further direction. Traders are advised to remain long and buy more on dips until prices stay above $28,500 mark.
Trading plan:
Remain long, stop @ 28,000, target @ 43,000
Good luck!
