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Technical outlook:
Bitcoin might have found some support around $39,500 mark early this week, as it has bounced off towards $43,500 levels at the time of writing. The crypto could drop one last time below $39,500 but it is not mandatory. Bulls are now looking poised to push higher towards $48,000-500 zone to take out the initial resistance and also confirm they are back in control.
Bitcoin is currently trading around $43,700 levels and is expected to rally through $48,000-49,000 zone soon. Immediate price resistnce is at $48,000-49,000, followed by $53,000, while support comes in around $39,500, followed by $37,500 zone respectively. Most traders might prepare to initiate fresh long positions with risk around $35,000 mark.
Bitcoin might still have enough room to print one mire high above $65,000 mark, going forward. The crypto has found support just ahead of $37,000 as discussed yesterday. Bulls remain poised to push higher from here but be prepared for another test around $39,500.
Trading plan:
Potential rally towards $65,000 against $35,000.
Good luck!
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