Technical outlook:
Bitcoin remains poised to print yet another high above $61,780 levels in the next few trading sessions but might be facing short term resistance around $60,000 levels for now. The crypto might e preparing for a short term decline towards $52,000/53,000 levels, before resuming its rally towards $62,000 and higher. A meaningful correction can be expected thereafter.
Bitcoin is seen to be trading around $59,000 levels at this point in writing and it might face short term resistance around $59,000/60,000 levels, going forward. Also note that the crypto is still testing the back side of support turned resistance trend line. A short term drop back toward $52,000 levels remain high probability in the next few trading sessions. Only a break below $50,000, would suggest deeper correction towards $43,000 and beyond.
The overall uptrend remains intact for now as immediate support is seen at $50,000, followed by $43,000; while resistance is seen around $62,000 levels respectively. Aggressive traders might be inclined to take benefit of the short term decline towards $52,000 at least.
Trading plan:
Aggressive traders remain short @ 58,000/59,000, stop @ 62,000, target @ 52,000/53,000.
Then turn long with stop @ 43,000, target above @ 62,000
Good luck!The material has been provided by InstaForex Company - www.instaforex.com
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