Technical outlook:
Bitcoin is seen to be pulling back after printing intraday high above $43,300 mark on Tuesday. The crypto has slipped below $42,000 level at this point in writing and might drag further through $39,000-40,000 mark before terminating. A critical range is between $37,000 and $45,000 levels respectively.
Bitcoin needs to break on either side of the trading range to determine its next move. If a bullish triangle is unfolding since $46,000, the crypto will hold above $37,000 mark. In case of a bearish consolidation triangle, prices would reverse from here dragging below the $37,000 mark. The overall bias remains bullish with bottom line being the $33,000 mark.
Bitcoin had earlier dropped between $69,000 and $33,000 levels carving a meaningful downswing. The initial support around $40,000 was also broken, indicating a potential pullback. The crypto is producing a corrective rally since the $33,000 mark and is expected to terminate it just around $50,000-55,000 mark.
Trading plan:
Potential rally through $50,000 against $33,000
Good luck!
