Technical outlook:
Bitcoin had dropped to $40000 mark before pulling back higher on Monday. The crypto might have found support around the $40000 mark an might resume its rally from current price. It is advised to take profits on short positions from $48000-49000 levels as suggested earlier. The counter trend drop might stil drop toward $37000 mark before Bitcoin resumes higher again.
We would now be inclined for a potential buy on dips trade setuo since downside remains imited from here. Aggressive traders might plan to initiate long positions around $41000-42000 zone against $35000. If the trend resumes from here, potential remains to push above $65000 mark in the next several days.
Bitcoin is seen to be trading close to $42700-800 levels and is expected to push towards $48000-49000 in the near term. Immediate support is seen at $40000, while resisitance is around the $48000-49000 mark. A break above $48500 will confirm that bulls are back in control and that Bitcoin is heading towards $65000 mark.
Trading plan:
Potential rally towards $65000 against $35000.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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