Technical outlook:
Bitcoin has managed to rally back above $34,500 levels after having dropped through $30,100 levels over the weekend. The crypto might be back in control of bulls as expected and remain poised to push through $42,000 levels in the near term. Please note that probabilities remain for a continued rally through $48,000 mark as well, before finding major resistance.
Bitcoin is seen to trade around $34,600 levels at this point in writing and is expected to continue further in the next few trading sessions. Immediate resistance is fixed at $42,600 while support comes in around $28,500 levels respectively. A break above $42,600 will be considered further bullish going forward and Bitcoin might attempt $48,000 thereafter.
Traders were advised to initiate long positions over the last week with risk below $28,000 levels. Please continue holding positions and consider adding on dips. Watch out for a push towards $42,500/43,000 mark in the near future.
Trading plan:
Remain long stop @ 28,000, target @ 42,000/43,000.
Good luck!