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Trading plan for Bitcoin for May 17, 2021

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Technical outlook:

Bitcoin has achieved its projected target towards $43,000 levels as we have been discussing since last several weeks. Prices have bounced off from just above $42,000 levels, falling short marginally from testing $41,500 levels, which is fibonacci 0.618 retracement of the entire rally between $3,850 and $65,000 levels respectively.

Bitcoin has raised through $50,400 levels at this point in writing and might continue to print higher highs and higher lows from here. It is quite possible that the corrective drop is now complete around $42,000 and Bitcoin might resume higher towards $65,000 mark from here. Most traders might have already booked profits around $43,000 mark as suggested earlier.

Bitcoin now has immediate interim support around $41,000 levels, while resistance is seen towards $60,000 levels respectively. A break above $60,000 from here will confirm that the trend has reversed and that bulls are back in control. The crypto turns a buy on dips from here.

Trading plan:

Remain long now, add more @ 42,000-45,000 zone, stop @ 40,000, target above @ 65,000.

Good luck!

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