Technical outlook:
Bitcoin is seen to be drifting sideways over the last 24 hours between $38,000-500 range. The crypto has carved an interim low close to $33,000 mark and is looking poised to break higher through $52,000-53,000 zone before reversing lower. Only a consistent break below $33,000 mark will threaten to drag below $28,700 level.
Bitcoin has carved a meaningful boundary between $69,000 and $33,000 levels respectively. Ideally, prices should produce a pullback rally at least through $52,000 mark, which is potential fibonacci 0.618 resistance of the above downswing (not shown here). Once the gartley structure is complete, bears are expected to come back in control and drag prices below $28,500 mark.
Bitcoin might also be unfolding a potential Head and Shoulder reversal pattern as discussed earlier. The Head is seen at $69,000 with Left Shoulder and Neckline around $52,000 and $40,000 respectively. High probability remains for a Right Shoulder being carved around $52,000 mark before potential reverse lower.
Trading plan:
Potential rally through $52,000 against $28,500.
Good luck!
