Technical outlook:
Bitcoin is dropping lower after breaking out interim resistance around the $52,000 mark on Monday. The crypto is expected to find intraday support around the $48,000 mark before resuming its rally toward $60,000. Only a break below $45,500 would change the bullish structure and bring back bears into play.
Bitcoin has bounced twice from its Fibonacci 0.618 retracement levels in the past few weeks. The bullish boundaries are of different degrees as follows: 1: The rally between $28,800 and $67,000 primary boundary and 2: The rally between $42,300 and $52,000 secondary boundary. The high probability remains for bulls to stay in control from here and push the price through all-time highs above the $69,000 mark.
Bitcoin has strong support around $42,300, followed by the $40,000 mark. Now, the resistance level is located around $60,000, followed by the $69,000 level respectively. if the price breaks above $60,000, it may reach all-time highs around $75,000. BTC is also expected to rise above the $100,000 mark in the next few weeks.
Trading plan:
Potential rally through $75,000 and higher against $40,000
Good luck!
