Technical outlook:
Bitcoin seems to have carved yet another higher low around $50,360 levels yesterday and is preparing for another push above $61,780 highs in the coming sessions. Please note that the immediate trend line support has been breached and might act as resistance around $57,500/58,000 mark. The crypto bulls need to be able to steer clear above $60,000 intermediate resistance to be able to register fresh highs.
The crypto trades around $53,300 levels at this point and writing and bulls are looking poised to push through $57,000/58,000 levels at least, going forward. Immediate resistance remains fixed at $60,000, followed by $61,780; while support comes in around $43,000 levels respectively. If Bitcoin drops below $43,000 mark, it is quite possible to see $37,000 levels in the near term.
The overall uptrend continues to remain intact until prices stay in the buy zone of the intermediate trend line support, which is seen to be passing through $25,000 levels for now. Only a break there would indicate further weakness and Bitcoin bears will be inclined to push through $15,000/16,000 levels. We remain bullish for now.
Trading plan:
Remain long, stop @ 43,000, target @ 62,000
