Trading plan for Bitcoin for April 26, 2021

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Technical outlook:

Bitcoin is pulling back after having dropped through $47,000 levels yesterday. Traders might have already booked profits on short positions taken earlier as suggested last week. The crypto might be looking to turn bearish again around $57,000-58,000 levels, going forward. Bears are looking to extend the correction towards $41,000 mark, before Bitcoin could resume higher again.

Bitcoin has soared higher today and is trading close to $53,500 levels at this point in writing. Immediate resistance is fixed at $65,000 mark, while support comes in around $43,000 levels respectively. The crypto might face resistance around $57,000/58,000 levels and turn lower again towards $41,000, which is also fibonacci 0.382 retracement of the entire rally between $3,850 and $64,895 levels respectively.

The uptrend still remains intact and there might be one more high possible in the next several weeks. But the recent correction looks to be incomplete and Bitcoin might print yet another low towards $41,000 at least, before resuming its rally.

Trading plan:

Sell again @ 57,000/58,000, stop @ 65,000, target @ 43,000 and 41,000.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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