Technical outlook:
Bitcoin is looking to drop towards $49500-50000 mark to complete the corrective structure, which began from $67000 levels. The recent boundary which is being worked upon is between $40000 and $67000 levels respectively. The fibnacci 0.618 retracement of the above is seen passing through $50000 as seen on the chart here.
High probability remains for Bitcoin to produce a bullish bounce if prices drop through $49500-50000 zone. Also note that the channel support trend line is seen passing through $50000 mark. The convergence would provide strong support for the crypto to resume its rally. To add further, past resistance turned support is also between $48000 and $50000 mark respectively.
If Bitcoin breaks its channel support and subsequently the price support around $40000, the rising trend would turn lower again. Potential ten remains for a test of $28600 in the next several weeks.
Trading plan:
Potential drop towards $50000 against $67000.
Good luck!
