Trading plan for Bitcoin for April 01, 2021 - Kakiforex | Forex markets for the smart money. Trading plan for Bitcoin for April 01, 2021 Trading plan for Bitcoin for April 01, 2021

April 1, 2021

Trading plan for Bitcoin for April 01, 2021

 Bitcoin continues to inch higher and test resistance around $60,000 levels. It had dropped to $56,800 levels yesterday but the pullback was very strong pushing above $58,000 again. The crypto remains poised to print above $61,780 levels but it remains to be seen if bulls manage to rally from here or after a corrective drop towards $52,000/53,000 levels, going forward.


Bitcoin is seen to be trading around $58,800 levels at this point in writing and might come under selling pressure over the near term. Immediate price resistance is seen towards $60,000, followed by $61,780; while support comes in around $50,000, followed by $43,000 levels respectively. Looking at the short term wave structure, Bitcoin rally between $50,500 and $60,000 seems to be exhausted. Hence probability for a corrective drop towards $52,000/53,000 remains higher.


Only if Bitcoin manages to consistently break above $60,000 levels, we can expect bulls to register fresh highs above $63,000 in the near term. The overall uptrend remains intact for now and a break below $43,000 levels is required to confirm a much deeper correction ahead. Watch out for a corrective decline towards $53,000 mark, before the rally could resume higher.


Trading plan:


Aggressive traders remain short with stop @ 62,000, target @ 53,000


Then turn long with stop @ 50,000, target above @ 63,000.