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Technical outlook:
Bitcoin has achieved its first projected target above $63,000! This was in line with our discussions over the last 2 weeks. The crypto had dropped through $55,000 levels and resumed its rally towards fresh highs today. It is time to take profits off the table and remain flat. Aggressive traders might initiate fresh short positions.
Bitcoin is seen to be trading around $62,900 levels at this point in writing and bears might remain poised to come back strong now. Immediate resistance is just above $63,300 mark, while interim support comes in around $59,000 levels respectively. High probability remains for a meaningful pullback from here that could drag prices towards $43,000 levels at least.
The overall uptrend still remains very much intact but a corrective drop is due towards $43,000 and $40,000 respectively. We cannot rule out the possibility of yet another high towards $64,000/65,000 mark but stakes remain high for a correction. A break below $59,000 from here will confirm that a meaningful top is in place and bears are back in control.
Trading plan:
Book profits in long positions taken @ 55,000
Aggressive traders sell @ 63,000/300, stop @ 65,000, target @ 43,000 and 40,000
Good luck!
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