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Technical outlook:
Bitcoin has now staged an impressive rally yesterday taking out interim resistance at $32,450 mark. The crypto rallied up to $32,900 levels before pulling back, and is seen to be consolidating its gains today. High probability remains for yet another push through $33,200/300 mark before producing any meaningful retracements. Ideally prices stay above $29,400 lows, going forward.
Bitcoin might have just turned a buy on dips after turning from $29,400 lows early this week. The move came in-line with our projection of a counter trend rally towards at least $42,000 mark before deciding the next major move. Watch out for intraday support around $31,000/200 region for bulls to be back in control and yet another opportunity to initiate long positions.
Bitcoin is seen to be trading around $31,800 levels at this point in writing and is expected to print another high towards $33,200/300 and up to $34,000 levels respectively. Immediate support now stays at $29,400 while resistance is seen towards $33,000, followed by $36,000 and $41,600 levels respectively. Watch out for the rally to extend through $42,000 levels in the next few trading sessions.
Trading plan:
Remain long, stop @ 28,500, target @ 36,000 and @ 42,000
Good luck!
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