Technical outlook:
Bitcoin is pulling back in a corrective manner after printing a high around the $49,600 mark on Wednesday. The crypto is expected to find intraday support around $46,000-47,000 zone before the rally resumes. Bottom line remains that prices should stay above the $45,500 interim support to keep the bullish structure intact for now.
Bitcoin has carved a meaningful bottom (higher low) around $42,300 mark, which is the Fibonacci 0.618 retracement of the entire rally between $28,600 and $67,000 levels respectively. Further, prices have bounced just below its trend line support and bulls are now inclined to push through all-time highs in the next few weeks.
Bitcoin faces resistance around the $60,000 mark, followed by $69,000, while support is strong at $40,000 levels respectively. Only a break below $40,000 would change the trend to bearish in the medium term. Watch out for a push through $52,000 for the rally to accelerate further.
Trading plan:
Potential rally towards $75,000 against $40,000
Good luck!
