Technical outlook:
Bitcoin has reversed sharply since hitting $40,000 mark over the last week. The crypto has dropped for the fourth consecutive trading session and is dangerously close to the $34,000 interim support as seen on the daily chart. Prices need to stay above $33,000 mark to keep its near-term structure constructive for bulls.
Bitcoin's slide below $33,000 might open the door towards the $28,600 price support. If the above structure unfolds accordingly, it would signal a larger degree trend reversal and confirm a formidable top in place at $60,000 mark. Alternatively, a bullish bounce from here would favor potential rally through the $50,000 mark.
Bitcoin is facing immediate price resistance around $40,000, followed by $43,000 and $48,000, while interim support is seen through the $33,000-34,000 levels. Only a push through $40,000 will confirm that bulls are back in control and that prices could push further higher above $48,000 mark going forward.
Trading plan:
Potential rally through $50,000 against $33,000
Good luck!
