Technical outlook:
Bitcoin is looking poised to remain in above the $33000 mark as bulls are eyeing $50000-$52000 mark in the next few trading sessions. The crypto has pushed closed to $38300 mark at the time of writing and is expected to reach the Right Shoulder zone marked on the daily chart here. Bears have been successful in taking out a major support around $40000 recently and a pullback is underway now.
Bitcoin might have carved a meaningful top around the $69000 mark. Furthrmore, bears have managed to carve its primary downseing between $69000 and $33000 levels respectively. The above drop could be retraced up to the Fibonacci 0.618 level, which is close to $50000-52000 zone. We can expect prices to turn lower thereafter.
Bitcoin wave structure might be unfolding a potential Head and Shoulder reversal as depicted here. Head is seen at $69000 while Left Shoulder remains around $52000 mark. Prices have broken below the neckline at $40000 mark and bulls might be now inclined to carve a right shoulder around $50000-52000 levels going forward.
Trading plan:
Potential rally towards $50000-52000 against $28500
Good luck!
