Technical outlook:
Bitcoin might have carved a meaningful bottom just below $40,000 mark on Monday and is now preparing to resume higher again. The crypto slipped through $39,600 mark, just below the initial support, and was quick to bounce back higher. It is seen to be trading close to $42,000 mark at the time of writing and bulls are poised to take it from here.
Bitcoin had earlier carved a meaningful upswing between $28,800 and $69,000 levels. It has now retraced just below the Fibonacci 0.618 levels, which is seen passing through $44,000 mark. High probability remains for a bullish turn from here and break above $48,500 will confirm this scenario. Please note that resistance is strong at $52,500 and bulls will be inclined to break higher.
If Bitcoin prices hold higher from here, the uptrend could still remain intact as bulls attempt to push through $52,500 and $60,000 levels respectively. Possibility for an all-time high still remains as long as $39,600 is intact. Watch out for a sharp rally from here at least towards $52,500 mark before pulling back again.
Trading plan:
Potential rally towards $52,500 against $39,500.
Good luck!
