Technical outlook:
Bitcoin has further dropped through $39,200 mark on Monday continuing its corrective pattern that had begun since $48,000 highs earlier. The crypto found resistance just above $48,000 level, which is also seen as the Fibonacci 0.382 retracement of the earlier drop between $69,000 and $33,000 respectively.
Bitcoin has dropped to potential support around $39,000 mark before bouncing back. As depicted on the chart here, $39,000 is also the Fibonacci 0.618 retracement of the recent upswing between $34,000 and $48,000 levels respectively. High probability remains for a bullish bounce from current levels and a climb higher through $50,000-53,000 mark in the next few trading sessions.
As discussed earlier, Bitcoin is unfolding its corrective rally from $33,000 lows as seen on the chart here. It could be unfolding a complex corrective structure before terminating around $50,000-53,000 mark. If the above is correct, prices would hold $33,000 interim support and continue pushing higher towards $50,000 mark.
Trading plan:
Potential rally through $50,000-53,000 against $33,000 still remain.
Good luck!
