Bitcoin bulls might be back after printing lows around $51,500 mark today, and are looking poised to push higher above $61,780 mark to complete the overall trend that had begun since $3,850 lows in March 2020. Probability of another high remains until prices stay above $43,000 lows, but please kindly note that the crypto might produce a meaningful corrective drop thereafter.
Bitcoin is seen to be trading at day's high around $52,700 levels at this point in writing as bulls remain poised to push higher above $61,780 in the near term. Also note that a sideways consolidation between $45,000 and $55,000 remains possible before breaking higher. Immediate support comes in at $43,000 mark, while resistance is intact around $62,000 levels respectively.
The larger trend from $3,850 lows registered in March 2020 might be close to terminating/completing with one more high above $61,780 levels. A pullback thereafter could drag prices back towards $40,000/42,000 levels before resuming the uptrend. If prices drop below $43,000 from here, the next support is seen towards $37,000 levels, going forward.
Trading plan:
Remain long with stop @ $43,000, target above $62000.
