Technical outlook:
Bitcoin has resumed its uptrend against $42,000 lows as bulls are just a few points away from $52,000 interim resistance. A break above would open the door to push through $60,000 mark, the next in-line resistance. The crypto remains on track to push through fresh all-time highs through $75,000 and up to $125,000 going forward.
Bitcoin had earlier dropped through $42,000 mark, which was close to the Fibonacci 0.618 retracement of the entire rally between $28,800 and $67,000 levels respectively. After finding support, bulls managed to push through $52,000 mark before pulling back. Furthermore, bears dragged lower towards $45,500 mark before finding support again (fibonacci 0.618 retracement of the recent upswing).
After bouncing off the golden ratio phi twice in succession, Bitcoin now remains poised to push through $75,000 high in the next several weeks. Only a drop below $42,000 and subsequently $40,000 will change the intermediate trend to bearish.
Trading plan:
Potential rally through $75,000 against $40,000.
Good luck!
