Technical outlook:
Bitcoin has taken out a major resistance around the $49,000-500 zone over the weekend. The crypto has been struggling to find its footing to rally further from here. Technically, a pullback could be due towards $46,000 levels at least before bulls could be back in control. Please also note that pullback might extend towards $43,000 levels before the rally resumes.
Traders might book profits on long positions initiated earlier and remain flat before entering longs again. Immediate price resistance is seen around $53,000, while support comes in just below $40,000 levels respectively. A drop towards the $43000-45000 mark would be considered ideal for a potential bullish reversal going forward.
On the flip side, if prices are able to push through the $53,000 mark from here. It could further open door to $65000 and higher levels. The high probability remains for a corrective drop towards the $43,000-45,000 zone before the rally could resume.
Trading plan:
The potential buy zone is 43,000-45,000, against 40,000 towards 65,000.
Good luck!
