Technical outook:
Bitcoin might have carved an intermediate low around $41,700 mark over the weekend, and is now preparing to push higher through $43,000-500 mark at least. The crypto has dropped since $46,000 highs registered over the last week, falling in line with expectations. Potential still remains for a drop through $38,000-200 mark before resuming higher again.
Bitcoin is testing the Fibonacci 0.382 retracement of the recent upswing between $33,000 and $46,000 levels. Ideally, if a gartley is underway, prices could drop further through $38,000-200 mark to complete its correction. Also note that $38,000 is close to the Fibonacci 0.618 retracement of the above upswing.
Bitcoin is expected to push at least through $48,000-50,000 mark after the above correction is complete. At the moment, projections are for a Right Shoulder being carved around $50,000 mark before the downtrend could resume. Please note that a consistent push through $61,000 mark would confirm that bulls are poised to print new highs.
Trading plan:
Potential rally through $50,000 against $33,000
Good luck!
