Technical outlook:
Bitcoin has rallied to $43,500 levels as expected and discussed in the past few days. The crypto is still broadly trapped within a trading range between $41,000 and $45,000 respectively, unfolding a contracting triangle. A break below $40,000 will drag lower towards $37,500-38,000 zone, while a bullish breakout above $45,000 would push through $49,000 mark.
Bitcoin remains structurally bullish until prices broadly stay above $35,000-36,000 zone, the past resistance turned support. Ideally prices should stay above $37,000 levels, the immediate price support. We expect one more dip towards $42,500 mark before bulls are back in control. Immediate resistance stay around $48,500-49,000 zone.
Bitcoin bulls remain poised to push through $49,000 mark in the near term, and above $65,000 in the next several weeks to come. Traders might be willing to commit on the long side with potential risk below $35,000 mark.
Trading plan:
Potential rally towards $65,000 against $35,000.
Good luck!