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Technical outlook:
Bitcoin had rallied through almost $65,000 levels yesterday before turning lower again. The drop could be a beginning of a deeper correction or just a pullback. Looking at the price action and the daily RSI, the crypto seems to be vulnerable for a decline towards $43,000 and further. A fresh rally towards now highs could resume thereafter.
Bitcoin is seen to be trading around $62,615 mark at this point in writing and might be preparing to turn lower again. We change our trading stance from neutral-bullish to bearish today. Aggressive traders might want to initiate fresh short positions from here with a potential target below $43,000 levels in the next few weeks. Resistance remains fixed around $65,000 levels for now.
Please note that the larger trend remains up from here and Bitcoin might be pushing towards $75,000 levels as discussed yesterday. It remains to be seen if the rally continues from here or after producing a corrective drop towards $40,000-43,000 levels. Immediate price support is seen around $55,000 mark and a break there will confirm a meaningful top in place around $64,895.
Trading plan:
Aggressive traders remain short @ 62,500-63,000, stop @ 66,000, target @ 40,000
Conservative traders allow a break below $55,000, then sell.
Good luck!
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