Technical outlook:

Bitcoin climbed through the $49,500 mark on Tuesday taking out interim resistance. The crypto has been drifting sideways since then and is seen to be trading around $49,000 levels at the time of writing. Bulls will remain poised to push higher towards the next short term resistance around $52,000 mark before producing a meaningful pullback.

Bitcoin seem to have carved a base around $42,300 earlier, which was the Fibonacci 0.618 retracement of the entire rally between $28,800 and $67,000 levels respectively. Further, bulls have also managed to carve a higher low around $45,500 mark, close to the Fibonacci 0.618 retracement of the recent upswing between $42,300 and $52,000 mark respectively.

After finding support at the critical fibonacci levels Bitcoin bulls are now determined to push through fresh all-time highs above $70,000 mark. A break above $60,000 will confirm that bulls are back in control and are here to stay for longer period. Prices must stay above $40,000 mark to keep the above bullish structure intact.

Trading plan:

Potential rally towards $75,000 against $40,000

Good luck!