Technical outlook:
Bitcoin finally resumesits rally after testing $45500 mark twice since the last week. The crypto is now trading around $48600 mark and should face mild resistance around $52000 levels going forward. Bulls are looking poised to take on the $60000 levels in the next few trading sessions, as they confirm being back in control.
Bitcoin has bounced from the Fibonacci 0.618 retracement of its recent upswing between $42300 and $52000 levels, which is close to $45500 mark. If the above interim support holds well, bulls will be poised to push higher towards all-time highs in the next few weeks. Strong support is seen at $40000, while interim resistance comes around the $60000 mark going forward.
The crypto has kept its bullish structure intact since March 2020 lows and the recent drop to $42300 was also around fibonacci 0.618 retracement of the intermediate upswing between $28800 and $69000 levels respectively. Watch out for a break above $52000 for the rally to accelerate.
Trading plan:
Potential rally towards $75000 against $40000
Good luck!
