Technical outlook:
Bitcoin pushed through $42,500 mark over the weekend, marginally breaking the trading range before facing resistance. The crypto has pulled off the highs and is trading close to $41,300 mark at the time of writing. A failure to push above $45,200 level from here would bring back prices to $38,000-39,000 zone as the price is still trading sideways.
Bitcoin has been trading in a sideways consolidation since $46,000 highs. It could one more time before breaking out higher towards $50,000 mark. Ideally prices should hold above $37,000 mark to keep the triangle consolidation intact. Prices could find support around $39,000 mark in the next few trading sessions.
Bitcoin is producing a corrective rally towards $50,000 mark before resuming lower again. It is also the Fibonacci 0.618 retracement of the previous downswing between $69,000 and $33,000 levels respectively. Only a break below $34,000 will drag prices further lower towards $28,700, a major support.
Trading plan:
Potential rally through $50,000 against $33,000.
Good luck!
