Bitcoin continues to inch higher and test resistance around $60,000 levels. It had dropped to $56,800 levels yesterday but the pullback was very strong pushing above $58,000 again. The crypto remains poised to print above $61,780 levels but it remains to be seen if bulls manage to rally from here or after a corrective drop towards $52,000/53,000 levels, going forward.
Bitcoin is seen to be trading around $58,800 levels at this point in writing and might come under selling pressure over the near term. Immediate price resistance is seen towards $60,000, followed by $61,780; while support comes in around $50,000, followed by $43,000 levels respectively. Looking at the short term wave structure, Bitcoin rally between $50,500 and $60,000 seems to be exhausted. Hence probability for a corrective drop towards $52,000/53,000 remains higher.
Only if Bitcoin manages to consistently break above $60,000 levels, we can expect bulls to register fresh highs above $63,000 in the near term. The overall uptrend remains intact for now and a break below $43,000 levels is required to confirm a much deeper correction ahead. Watch out for a corrective decline towards $53,000 mark, before the rally could resume higher.
Trading plan:
Aggressive traders remain short with stop @ 62,000, target @ 53,000
Then turn long with stop @ 50,000, target above @ 63,000.
