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Technical outlook:
Bitcoin has reversed from $41,000 levels in line with what was discussed and expected, but the drop has been quite shallow until now. It could still continue lower towards $37,000 zone at least, which is fibonacci 0.618 retracement of the recent up swing. A consistent drop below $34,000 will confirm that Bitcoin is most probably heading towards $31,000 before reversing higher again.
Bitcoin is seen to be trading around $39,400 levels at this point in writing and is expected to form the bottom around $37,000 lows in the near term. Immediate price support is seen through $34,500, followed by $31,000; while resistance is seen towards $42,500/43,000 and $49,000 respectively. We shall be watchful around $37,000 for any bullish bounce to reverse positions.
Bitcoin has carved a swing of higher highs and higher lows since $31,000 levels earlier. If prices hold above $34,000 support, the rally is expected to continue higher going forward. Traders are advised to exercise caution until the trend is clear.
Trade plan:
Aggressive: Hold short with stop @ 43,000 and target @ 36,000/37,000.
Conservative: Remain flat for now. Look to buy on a bullish turn @ 36,000/37,000, stop below @ 30,000, target @ 49,000.
Good luck!
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