Technical outlook:
Bitcoin might be beginning to continue its uptrend after dropping through sub $52,900 lows yesterday. As discussed earlier, if the drop might have extended below $52,000 or $50,000 mark, possibilities of a further decline towards $43,000 might be considered. With the recent price action being well supported at $52,900 levels, it is quite possible that bulls might be back in control.
Bitcoin is seen to be trading higher towards $56,500 mark at this point in writing and if prices manage to stay above yesterday's lows ($52,900), the crypto might be setting up for yet another rally above $61,780 mark, going forward. Immediate support is seen at $52,900, followed by $43,000; while resistance is around $61,780 levels respectively.
The overall uptrend remains intact for now and bulls remain poised to push beyond $61,780 highs in the next few trading sessions. Only a break below $43,000 support will delay matters for yet another high. Also note that Bitcoin is carving a Morning Star bullish candlestick pattern on the daily chart. We are changing out short term stance to bullish from here.
Trading plan:
Remain long, stop @ $43,000, target @ $62,000 at least
