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Technical outlook:
Bitcoin had dropped through $31,500/600 levels yesterday, before finding support, and managed to pullback above $32,000 around end of the day. The price action is now clearly suggesting a potential bottom being formed around $31,500 levels and that bulls are poised to set higher highs and higher lows at least towards $42,000, going forward.
Bitcoin is seen to be trading close to $32,650 levels at this point in writing and is expected to push higher towards $36,000 in the immediate future. The crypto faces resistance at $36,000, followed by $41,600 mark, while support comes in around $28,500 levels respectively. Bottom line for bulls to remain in control is $28,500 levels.
Only a break below $28,500 mark can change the above described bullish scenario and turn lower towards $16,000 levels in the next several weeks. On the flip side, a continued rally through $36,000 and $42,000 would instill further confidence on the bullish structure. Traders are advised to build long positions here.
Trading plan:
Remain long, add more around $32,500/600, target @ 42,000
Good luck!
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