19.05.202111:45 Forex Analysis & Reviews: Trading plan for Bitcoin for May 19, 2021

Technical Outlook:

Bitcoin has achieved both downside target $43,000 and $41,000 as projected and discussed here since last several trading sessions. In fact, the crypto had dropped through $38,500 lows today, before revering higher again. It looks highly probable that the corrective drop since $65,000 is now complete and Bitcoin is ready to rally further.

Bitcoin is trading around $40,200 levels at this point in writing, and is expected to continue higher from here. Traders are again advised to initiate fresh long positions now with a potential target above $65,000 levels, going forward. Immediate support is at $38,500 mark, while resistance is now seen towards $60,000 levels respectively.

Bitcoin has also bouncing from fibonacci 0.382 support around $41,000 as discussed earlier. If successful, the crypto will resume its uptrend and push through $65,000 mark in the next several trading sessions. Traders might prepare to take full profits on short positions taken earlier and remain bullish.

Trading plan:

Remain long from @ 40,200, stop @ 35,000, target is @65,000

Good luck!