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Technical outlook:
Bitcoin has dropped to sub $42,000 mark as it continues to trade within a range. The crypto might be unfolding a potential triangle structure before dropping towards $37,000-38,000 levels, which is fiboacci 0.618 extension of the drop between $53,000 and $42,000. We can expect bulls to be back in control thereafter and push higher towards $65,000 at least.
Bitcoin is seen to be trading around $42,600 levels at this point in writing and is expected to drift sideways for a while. Please note if the price rallies from here and breaks above $48,000-49,000 zone, it will confirm a potential bottom in place and that bulls are back in control. Immediate price support is seen around $40,000, while resistance is at $48,000-50,000 mark.
Bitcoin structure remains bullish until prices stay above $35,000-36,000 zone going forward. Traders might be willing to initiate long positions against $35,000 mark with potential target above $65,000 in the next few weeks.
Trading plan:
Potential rally towards $65,000 against $35,000.
Good luck!
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