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Technical outlook:
Bitcoin finally dropped below $47,00 levels yesterday before pulling back as bears tighten their grip lower. The crypto asset dropped in-line with what was discussed yesterday and printed an intraday low around $45,000 before pulling back higher again. Traders are advised to lock in partial profits on short positions and move stop loss to breakeven.
Bitcoin is still low away from carving a bottom around the $41,000-43,000 mark. A push above $57,000-5,8000 from here would confirm that a bottom is formed and bulls are back in control. The crypto was seen to be trading around the $51,000 levels at the moment of writing and it is expected to turn lower again towards $41,000 very soon.
The crypto asset might be producing a counter trend corrective drop and find support around the Fibonacci 0.382 retracement of the entire rally. The $41,000 mark acted as previous support as marked on the chart here. Potential for a bullish turn remains higher. Prepare for another drop and lock in profits between the $41,000 and $43,000 zone.
Trading plan:
Remain short, move stop to breakeven. Take profit @ $43,000.
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
