Technical outlook:
Bitcoin had rallied through $45,300 mark on Wednesday before finding interim resistance. It is easing off a bit towards $43,300 at the time of writing and expected to carve a higher low around $41,000 levels in the next few trading sessions. Prices are expected to push through $48,000-50,000 mark thereafter. Bulls remain inclined to hold prices above $33,000 handle.
Bitcoin is working on the downswing between $69,000 and $33,000 levels as discussed earlier. The Fibonacci 0.618 retracement of the above drop is seen through $50,000-55,000 zone as depicted on the daily chart here. Bulls are looking to carve a lower top around $50,000 mark before giving in to bears as resistance would be strong there.
Bitcoin is also carving a potential Right Shoulder, of the proposed Head and Shoulder reversal pattern labelled on the chart. The Head is seen at $69,000, with Left Shoulder around $50,000 and Neckline at $40,000 level respectively. If the above pattern holds well, the crypro will turn lower from $50,000-55,000 mark going forward.
Trading plan:
Potential rally through $50,000 against $33,000.
Good luck!
