Technical outlook:
Bitcoin has drifted sideways for the last two trading sessions testing immediate support around the $45,000 mark. The crypto is seen to be bouncing back at this point in writing as bulls prepare to push through $50,000-53,000 levels. The past resistance turned support around $45,000 is expected to hold good for now.
Bitcoin is probably into its last leg rally towards at least $50,000 mark before terminating and reversing lower. The entire rally had begun since $33,000 lows earlier and is still considered to be a counter trend. Also note that $53,000-55,000 zone is expected to be strong resistance as the Fibonacci 0.618 retracement of earlier drop is also passing through.
Bitcoin is expected to find resistance there and reverse lower towards $33,000 and further. Only a push above $61,000 mark will confirm that bulls are going to remain in control and push through fresh all-time highs above $69,000 levels. Traders might remain cautiously long since upside is limited from here.
Trading plan:
Potential push through $50,000 against $33,000 then lower.
Good luck!
