Technical outlook:
Bitcoin rallied through the $31,400 mark over the weekend before pulling back. The crypto is seen to be trading around $30,500 looking to print a new high of at least $32,200 in the near term. Bulls will be inclined to hold prices above $25,500 to keep the structure intact over the medium term.
Bitcoin is facing immediate price resistance at around $40,000, followed by $48,000 and higher, while interim support comes at around $25,000 respectively. The crypto is producing a counter-trend rally to retrace after the significant downswing between $69,000 and $25,500. The potential remains for a push through $48,000 at least and up to $52,500 in the next several sessions.
Bitcoin is facing strong resistance around the $52,000 mark since its Fibonacci 0.618 retracement is seen to be passing through. The high probability remains for the bears to come back in control in proximity to $52,000 and drag prices below the $25,000 interim lows going forward. Traders might prepare to initiate fresh long positions in the short term.
Trading plan:
Potential rally through $48,000-52,000 against $20,000
Good luck!
