Technical outlook:
Bitcoin has raised through $45,000 mark as expected and might have carved a bottom around $40,000 levels. The crypto might produce an intraday corrective drop but it is expected to hold above $39,000-40,000, going forward. Bulls are now looking poised to push through $65,000 mark in the next few weeks, before finding resistance again.
Bitcoin is testing its trading range resistnce just below $45,000 at the time of writing. A bearish turn now might drag prices lower towards $42,500 levels, before resuming its rally. Immediate price recictance is around $45,200, followed by $48,500, while support is just below $40,000 levels respectively. A consistent break above $45,200 will push prices further towards $48,000-49,000 resistance going forward.
Bitcoin remains bullish looking at the overall wave structure and bulls are looking to be back in control to push higher through $65,000 mark. Only a drop below $35,000-36,000 would delay matters further.
Trading plan:
Potential rally towards $65,000 against $35,000.
Good luck!
