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Technical outlook:
Bitcoin might have carved a meaningful bottom around $31,000 mark early in this week. The crypto seems to have found support right at the trend line ad has bounced higher towards the $37,500 levels. If bulls are able to break above $39,500 initial resistance, it would be confirmed that Bitcoin is now headed towards higher levels.
Bitcoin is seen to be trading around $37,500 levels at this point in writing and might turn lower from here if it is unable to break above $39,500 resistance. Immediate resistance is seen at $39,500, while support comes in around $31,000 respectively. Traders are advised to exercise caution for now and allow reaction at $39,500 resistance.
On the flip side, the recent rally could be seen just as a pullback of the earlier drop between $39,500 and $31,000 levels respectively. If correct, a bearish turn cannot be ruled out from current levels, dragging Bitcoin to lower levels around $28,000 at least. Aggressive traders might initiate fresh short positions here.
Trading plan:
Aggressive: Remain short again, stop @ 39500, target is $28000
Conservative: Remain flat for now and allow a break above $39500 to buy on dips.
Good luck!
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