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Technical outlook:
Bitcoin reversed lower after printing $41,000 highs last week. The crypto has dropped through $32,000 lows today, falling in line with our projections. Aggressive traders who went short around $39,000-40,000 levels last week, might book profits now and prepare to initiate fresh long positions. If Bitcoin prints below $30,000 levels, it might drop through $26,500 levels going forward.
Bitcoin is seen to be trading around $33,200 levels at this point in writing and might be preparing to form a bottom soon. Immediate support is seen at $30,000, while resistance comes around $41,300 levels respectively. Only a break above $41,400 will confirm that a meaningful bottom is in place and that bulls might be inclined to push further.
Bitcoin might have completed a bullish triangle consolidation at $32,000 today. If the above holds well, bulls might be inclined to take control from here and extend rally above $44,000 to confirm a reversal in trend. Alternately, if a bearish break out is underway, the crypto might drop through $26,500 mark in the near term.
Trading plan:
Aggressive: Book profits on short positions.Preparing to go long, stop @ 28,000, target is open.
Conservative remain flat for now.
Good luck!
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