Technical outlook:
Bitcoin is slowly but steadily gaining momentum after finding support close to $46,000 mark early this week. The crypto is trading close to $48,500 levels at the time of writing and is expected to continue higher through $60,000 mark in the near term. Prices should stay above $46,000 mark to keep the above bullish scenario intact.
Bitcoin earlier dropped to $42,000 levels, which is the Fibonacci 0.618 retracement of the previous rally between $28,600 and $69,000 levels respectively. Ideally, it should extend through $75,000 and higher in the next several trading sessions. In the shorter time frame as well, BTC has found support around the Fibonacci 0.618 mark of its upswing between $42,000 and $52,000 respectively.
Bulls are looking poised to push higher through $60,000 resistance followed by $69,000 mark from here. Immediate price support is seen at $40,000 and prices should stay above that mark to keep the bullish momentum intact.
Trading plan:
Potential rally towards $75,000 against $40,000
Good luck!
