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Technical outlook:

Bitcoin defies resistance yet again and raises through fresh highs around $48,218 today. Is is done here or going to continue further is the big question. We attempt to answer that below: The crypto is seen to be trading around $46,507 levels, almost $2,000 lower from today’s high, and is expected to continue drifting lower until $48,218 remains intact. A daily chart displayed here is producing a Doji candlestick pattern, indicating a potential bearish reversal ahead. Immediate resistance is seen at $48,300/500 zone, while support is seen just below $46,000 on lower time frame respectively. On the daily chart presented here, support comes in around $28,000 levels and a break there will certainly confirm a bearish reversal ahead. Also note that Bitcoin’s new high around $48,218 registered today is accompanied by a strong bearish divergence on daily RSI. This could also be a potential indication of a turn ahead. Aggressive traders might still want to remain short against recent highs, while conservative traders would wait until $28,000 breaks.

Trading plan:

Remain short against $50,000, targeting below $28,000 in the near term.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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