Trading plan for Bitcoin for April 05, 2021 - Kakiforex | Forex markets for the smart money. Trading plan for Bitcoin for April 05, 2021 Trading plan for Bitcoin for April 05, 2021

April 5, 2021

Trading plan for Bitcoin for April 05, 2021

 Bitcoin remains poised to head higher above $61,780 mark going forward but probabilities remain for a drop towards $54,000 levels first before resuming higher again. The crypto had dropped through $56,400 levels yesterday and might be vulnerable for yet another dip towards $54,000, which if fibonacci 0.618 retracement of the recent rally between $50,390 and $60,000 respectively.


Bitcoin is seen to be trading around $57,700 levels at this point in writing and remains poised to complete the correction by dropping through $54,000 mark. The next upside target could be seen above $65,000 levels in the next several weeks. Immediate price support is seen at $50,000, while resistance comes in at $62,000 levels respectively.


The overall uptrend in Bitcoin remains very much intact but prices need to stay above $50,000 mark. A break below $50,000 will open doors for a test of $43,000 lows and also up to $39,000 before finding support again. At this point, bulls have an upper edge as they remain in control with bottom line as $50,000 mark.


Trading plan:


Buy @ 54,000/54,500, stop @ 49,000, target @ 65,000