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Technical outlook:
Bitcoin has rallied through $39,850 levels today, falling in line with expectations. The crypto might have completed its bullish triangle consolidation around $34,635 levels yesterday. If it comes true, bulls might remain inclined to push above $40,000 levels immediately. On the flip side, the consolidation might continue to unfold yet another drop from here.
Bitcoin is seen to be trading around $39,200 levels at this point in writing and might face short term resistance here. If bears are able to come back strong here, the crypto might drop through $35,000 levels again before finding support. Immediate resistance stays at $42,200/300 levels, while support is around $34,000 levels respectively.
Bitcoin wave structure continues to remain bullish as the crypto is clearly holding above the trend line support since last one year. The crypto has tested its trend line yet again around $31,000 levels before bouncing back strongly. A break above $42,300 from here would confirm that bulls are back in control.
Trading plan:
Remain flat for now, buy on dips towards $34,000, stop @ 28,000, target is open.
Good luck!
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