Technical outlook:
Bitcoin might have carved a meaningful higher low around $39,000 levels over the last few trading sessions. The crypto has since rallied through $44,500-45,000 zone producing an upswing. It is now correcting the same boundary between $39,000 and $45,000 respectively before resuming its rally towards $48,000 levels going forward.
Bitcoin faces immediate price resistance around $48,000, followed by $52,500, while support comes in at $39,000 levels respectively. Bulls are expected to remain in control until prices stay above the $39,000 mark. A push through $45,000 from here would accelerate further and confirm that bulls are back in control now.
Bitcoin is expected to rally at least through $52,500 levels if not further. We shall review the chart setup again around $52,500-53,000 mark to decide on further price action. A push higher through $53,000 will confirm further upside towards $69,000 at least. The preferred trade direction is bullish from current levels against $38,000.
Trading plan:
Potential rally through $52,500 against $38,000
Good luck!
