Technical outlook:
Bitcoin has slipped through $37,000 levels in early hours of the Asian session on Tuesday, slight lower than expected. The crypto still remains bullish until prices stay above the $33,000 mark going forward. The next fibonacci support is seen through $36,000 mark, and bulls might be poised to come back strong if prices dropped through.
Bitcoin is trading just below the Fibonacci 0.618 retracement of its recent upswing between $33,000 and $46,000 levels, seen around $38,000 levels. A bullish reversal here remains high probability as potential remains for a rally through $48,000-50,000 going forward. Immediate price support comes in around $33,000, while resistance is seen through $46,000 levels respectively.
Bitcoin seems to be carving a potential Head and Shoulder reversal with Head at $69,000 and Left Shoulder close to $48,000-50,000 zone. The Neck Line was taken out around $40,000 earlier as bulls prepare to carve a potential Right Shoulder around $50,000 mark. Watch out for a bullish reversal soon as traders prepare to go long.
Trading plan:
Potential rally through $50,000 against $33,000
Good luck!
