Technical outlook:
Bitcoin was correcting lower since the last two trading sessions. It dropped to the $47,300 mark on Tuesday before finding support. The crypto is trading close to the $48,000 mark at the time of writing. It seems to have carved a higher low just ahead of $47,000. Please, note that the price bounced back from the Fibonacci 0.618 retracement levels of the recent upswing between $45,500 and $52,100 respectively (not shown here).
Bitcoin bulls might be preparing to regain ground from here and push the price through $60,000 in the near term. Immediate price resistance is seen around $60,000, while support comes at the $45,500 mark respectively. Ideally, the price should stay above the $45,500 level to keep the immediate bullish structure intact.
Looking at the larger degree wave structure, bitcoin has found support near the $42,300 recently. It is very close to the Fibonacci 0.618 retracement levels of the upswing between $28,800 and $67,000 levels respectively. Furthermore, bulls are finding support around the Fibonacci 0.618 levels of recent upswing between $42,300 and $52,000 as well. Watch out for a break above $60,000 and $67,000 in the near future.
Trading plan:
Potential rally to $75,000 against $40,000.
Good luck!
