Technical outlook:

Bitcoin bulls are threatening to break higher but they might be successful after a corrective drop towards $54,000 at least. This is not a certainty but probability remains high after having taken out intermediary resistance around $60,000 levels earlier. Also note that $54,000/54,500 is passing near the fibonacci 0.618 retracement of the recent rally between $50,300 and $60,000 levels respectively.

Bitcoin bulls remain poised to resume its rally from close to $54,000/54,500 mark, going forward. At the moment, the crypto might be carving an up gartley which is a bullish pattern. It is seen to be trading around $58,400 levels at this point in writing and a flash drop towards is expected towards $54,000/54,500 at least. Also note that prices must stay above $50,000 interim support, to keep the above bullish structure intact.

Immediate price resistance is at $62,000; while support comes in at $50,000 and $43,000 levels respectively. If bears succeed in breaking below $50,000, it would confirm that a meaningful top is in place around $61,780 levels and that Bitcoin is heading lower towards $43,000 and $39,000 levels respectively.

Trading plan:

Buy @ 54,000/55,000, stop @ 50,000, target 63,000

Good luck!

The material has been provided by InstaForex Company –

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