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Trading plan for Bitcoin for May 25, 2021

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Technical outlook:

Bitcoin might be drifting sideways since printing lows at $30,000 levels over the last week. The crypto had also tested its recent lows around $31,100 levels early this week before bouncing back. High probability remains that the corrective drop that had begun from $65,000 levels is now complete around $30,000 mark and bulls are ready to push higher above $65,000 levels.

Bitcoin is seen to be trading comfortably above $38,000 levels and bulls might be poised to continue further. Intraday support comes around $33,000-34,000 zone and traders might plan to add more long positions if prices drop. Immediate price support remains around $30,000 mark, while resistance comes in just below $60,000 levels respectively.

A break above $59,000 from here would certainly confirm that a meaningful bottom is in place around $30,000 levels and Bitcoin is heading higher above $65,000 mark respectively. Also note that Bitcoin has bounced off the one-year old trend line support, hence significance of a bullish reversal remains high.

Trading plan:

Remain long, stop @ 28,000, target @ 60,000, @ 65,000 at least.

Good luck!

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