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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!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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