Technical outlook:
Bitcoin is about to break out of the consolidation range resistance around the $31,200 mark. The crypto has carved a potential higher low around $28,500 last week and is preparing to push through the $40,000 initial resistance easing immediate downside pressure. Bulls are looking poised to hold above the $25,500 low for now.
Bitcoin has already carved a meaningful downswing between the $69,000 high and the $25,500 recent swing low. Also, note that initial support at $28,600 was taken out with relative ease. Since then, bulls have been working on a potential corrective rally towards $40,000-42,000 and up to the $48,000-52,000 zone before terminating its rise.
Bitcoin is facing immediate price resistance at $40,000, followed by $48,000 and higher; while interim support is seen around $25,500 respectively. In the near term, prices are expected to push through $35,000 and $41,000 as projected on the daily chart. Traders might continue to hold long positions above $25,500.
Trading plan:
Potential rally towards $41,000 and $48,000 against $20,000
Good luck!
