Technical outlook:
Bitcoin had dropped through 32100 mark today, before bouncing back finding some support. Believe it or not, the drop looks corrective and bulls are expected to be back in control anytime soon. Traders are advised to initiate fresh long positions around $32,500/600 and also add more if already holding long positions. The crypto is expected to remain in control of bulls until prices stay above $28,000.
Bitcoin is seen to be trading off the day's lows around $32,600 mark and is expected to resume its rally from here. The crypto might have completed an Up Gartley since $36,000 highs and preparing to stage an impressive rally going forward. Immediate support is seen at $28,500 mark, while resistance comes in around $42,000 levels respectively.
A break above $42,000 is required to confirm bulls are back in control and confirm further upside towards $48,000 levels, going forward. Only a break below $28,500 would confirm that the crypto is done on the north side. At the moment, high probability trade setup is looking higher from here.
Trading plan:
Remain long, stop @ 28,000, target @ 43,000
Good luck!
