FX.co ★ Trading plan for Bitcoin for May 27, 2021

Technical outlook:

Bitcoin still continues to oscillate within a triangle and needs to break out of $43,000 mark at least to push higher. The crypto might want to print a shallow low below $30,000 mark, before resuming its rally. Hence, until prices stay below $43,000-44,000 mark potential remains to test $28,500 lows, before resuming higher above $65,000 mark.

Bitcoin is seen to be trading around $39,700 levels at this point in writing and is expected to drop towards $33,000-34,000 zone as Wave d of the potential triangle consolidation unfolds. Immediate price support is around $30,000 mark, while resistance is at $43,000, followed by $59,000 and higher respectively.

The overall uptrend still remains intact as prices bounced off $30,000 levels earlier, right at the one year old trend line support. But a consistent break below the trend line and subsequently below $28,500 will change the structure to bearish and Bitcoin could drop further towards $15,000 levels, going forward.

Trading plan:

Buy again @ 33,000-34,000, stop @ 28,000, target above @65,000.

Good luck!