Technical outlook:

Bitcoin almost hit the projected targets at $63,000 and $65,000 respectively over the last 02 weeks as discussed here. The sharp decline towards $51,300 levels last week was also in line with expectations. Short term traders might book profits now, while medium term traders might want to hold until $41,000/42,000 levels respectively.

Bitcoin is seen to be trading around $55,800/900 levels at this point in writing and might produce a short term rally towards $60,000/61,000 levels in the near term. Thereafter, we can expect another round of selloff towards $41,000/43,000 levels, which is fibonacci 0.382 retracement of the entire rally between $3,850 and $65,000 levels respectively.

Also note that immediate price support is at $50,500, followed by $43,000; while resistance now stands around $65,000 levels respectively. Bitcoin is expected to remain in control of bears for a short term (few weeks), before the final leg rally resumes towards $75,000 and further.

Trading plan:

Remain short, stop @ 65,000, target $43,000.

Good luck!

The material has been provided by InstaForex Company –

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