Technical outlook:
Bitcoin has finally carved a meaningful bottom around $55,200-300 mark, in line with our expectations. Please note the pink rectangular box, which was marked several days earlier for prices to drop there before bouncing higher. The crypto has now also tested its fibonacci 0.382 retracement of the rally between $40,000 and $ 69,000 levels as displayed on the chart.
A push above $60,000 initial resistance will confirm that a meaningful bottom is now in place and that bulls are back in control. They should remain inclined to push through $75,000 mark before finding resistance again. On the flip side, a drop below $55,300 mark will drag the price further towards $52,000 zone before resuming higher again.
The overall structure continues to remain bullish until Bitcoin stays above its channel support trend line and subsequently above $40,000 price support. At the moment, traders might be looking to initiate fresh long positions with risks below $50,000 mark.
Trading plan:
Potential rally towards $75,000, against $50,000.
Good luck!
