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Technical outlook:
Bitcoin has yet again hit all-time highs around $69,000 on Wednesday before pulling back lower. The crypto is trading close to $65,000 at the time of writing and could drag further lower through the $49,000-50,000 mark before resuming its rally. Despite the ongoing rally, bitcoin remains vulnerable to a pullback from its new high.
It is still advisable to book profits on long positions taken earlier and remain flat for a while. Bitcoin correction towards the $50000 mark would be seen as a retracement of the rally between the $40,000 and $69,000 levels respectively. The Fibonacci 0.618 retracement of the above rally is seen passing through along with channel support as discussed earlier.
The high probability remains for a bullish reversal if prices managed to reach $50,000 in the near term. On the flip side, a break below the channel support and $40,000 price support might change the immediate bullish scenario. In that case, bears might want to test $28,600 support before giving in to bulls again.
Trading plan:
Potential for a drop through $49,000 against $69,500
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।
