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Technical outlook:
Bitcoin might have carved higher low around $31,000 levels over the last week. The crypto could be preparing to stage another round of rally towards $36,000 and $42,000 levels in the next few weeks. It would be interesting to see how prices react around $42,000 mark since it is also seen as strong resistance for now.
Bitcoin is seen to be trading close to $31,500 levels at this point in writing and is expected to resume rally soon towards $36,000 levels at least. High probability remains for a continued push through $42,000 mark as well. Immediate support is seen at $28,500 mark, while resistance comes in around $36,000, followed by $42,000 levels respectively.
Bitcoin might have carved a meaningful bearish boundary between $65,000 and $28,600 levels respectively. The crypto at least needs to retrace the entire drop before turning lower again. The projected target is towards $42,000 levels at least, before deciding further direction.
Trading plan:
Remain long, stop @ 28,000, target @ 42,000
Good luck!
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