Technical outlook:
Bitcoin has dropped through $34,300 levels early Asian Session on Thrusday, more than what was projected earlier. The pullback through sub $39,000 levels proved temporary as bears managed to come back strong. The interim support around $33,000 mark could be threated to break if a bullish reversal does not take place around current levels.
Bitcoin had earlier crved an upswing between $33,000 and $46,000 levels, which has been retraced below the Fibonacci 0.786 levels. Ideally a bullish reversal should be seen anytime soon now with $33,000 levels intact. A break below $33,000 will further confirm that bears are in control and could drag prices through $28,700 support.
On the other side, if bulls manage to produce a turn here, the structure would remain intact for the next leg to push through $50,000 mark going forward. It would be interesting to see how bulls react around $34,500-35,000 zone going forward. Traders might be inclined to hold long positions until $33,000 remain intact.
Trading plan:
Potential rally through $50,000 against $33,000
Good luck!
