Technical outlook:
Bitcoin has finally carved a meaningful bottom around $46,000 on Monday, falling in-line with expectations. The crypto seems to be ready to rally through all-time highs above $70,000 mark in the next few trading sessions. Only a break below $40,000 will change the bullish scenario and bring back bears in control going forward.
Bitcoin had earlier dropped through $42,000 mark, which was the Fibonacci 0.618 retracement of the upswing between $28,600 and $69,000 respectively. Furthermore the crypto has now found support around $46,000, which is the Fibonacci 0.618 retracement of the smaller upswing between $42,000 and $52,000 respectively (not shown here).
Bitcoin should be ready to push higher through all-time highs provided $42,000 and $40,000 supports hold well going forward. Immediate resistance is around $52,000, followed by $60,000; while support is around $40,000 levels respectively. Watch out for a break higher through $52,000 mark for further acceleration.
Trading plan:
Potential rally through $70,000 against $40,000
Good luck!
