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Technical outlook:

Bitcoin remains poised to head higher above $61,780 mark going forward but probabilities remain for a drop towards $54,000 levels first before resuming higher again. The crypto had dropped through $56,400 levels yesterday and might be vulnerable for yet another dip towards $54,000, which if fibonacci 0.618 retracement of the recent rally between $50,390 and $60,000 respectively.

Bitcoin is seen to be trading around $57,700 levels at this point in writing and remains poised to complete the correction by dropping through $54,000 mark. The next upside target could be seen above $65,000 levels in the next several weeks. Immediate price support is seen at $50,000, while resistance comes in at $62,000 levels respectively.

The overall uptrend in Bitcoin remains very much intact but prices need to stay above $50,000 mark. A break below $50,000 will open doors for a test of $43,000 lows and also up to $39,000 before finding support again. At this point, bulls have an upper edge as they remain in control with bottom line as $50,000 mark.

Trading plan:

Buy @ 54,000/54,500, stop @ 49,000, target @ 65,000

Good luck!

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

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