Technicl outlook:
Bitcoin continues to trade with a narrow range of decreasing resistance and constant support around $37,000 since the last several trading sessions. The crypto needs to break above $42,500 mark to accelerate further through $46,000 and up to $50,000 mark to complete the proposed corrective structure.
Bitcoin has been working on the larger degree downswing carved between $69,000 and $33,000 levels. The retracement has reached up to fibonacci 0.382 level around $46,000 mark before pulling back lower again. It needs to push through $50,000-55,000 zone to complete the three wave correction and resume lower thereafter.
Bitcoin bulls are looking poised to push higher and hold prices above the $33,000 mark going forward. Prices are currently testing the Fibonacci 0.618 retracement of the lower degree upswing between $33,000 and $46,000 levels respectively around $38,500 mark. Watch out for a bullish reversal from here through $48,000-50,000 mark in the next few trading sessions.
Trading plan:
Potential rally through $50,000 against $33,000
Good luck!
