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Technical outlook:
Bitcoin finally manages to reverse after printing yet another low around $29,400/500 levels yesterday. This was absolutely in line with the projection made yesterday that bulls were expected to come back strong until $28,600 lows remained intact. The crypto is producing an Engulfing Bullish candle stick pattern on the daily chart, indicating a potential reversal ahead.
Bitcoin is seen to be trading close to $30,900 levels at this point in writing and is expected to push higher towards $32,000 levels in the immediate short term. High probability remains for a push through $42,000 levels in the next several trading sessions. Immediate support is at $28,600 mark, while resistance stands round $36,000 and $42,000 levels respectively.
Bitcoin bulls are now looking poised to continue higher as the last leg of the corrective rally unfolds. Please note we have been calling for this correction since $28,600 lows. The crypto might have just begun its last leg into the correction higher towards $42,000 levels.
Trading plan:
Remain long, stop @ 28,000, target @ 36,000 and @ 42,000.
Good luck!
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