Technical outlook:
Bitcoin rose to $21,400 intraday on Tuesday in line with projections. Intraday targets still remain close to the $21800 mark, before the crypto pulls back for a correction. Bulls are now poised to hold prices above $17,500 (recent swing lows) to keep the structure intact over the medium term.
Bitcoin seems to have carved a meaningful larger degree downswing between $69,000 and $17,500. Ideally, the above rally needs to be retraced at least through the $32,000-35,000 zone, which is also initial resistance as marked on the daily chart. Also, note that the Fibonacci 0.382 retracement of the above drop is passing through $37,200, which is a potential resistance zone as well.
Bitcoin has just carved a lower degree upswing between $17,500 and $21,400. It can push through $21,800 intraday before terminating. In the near term, we expect prices to drop through the $19,000-200 zone before resuming a rally towards $33,000 and up to $37,000. Traders might be preparing to add long positions at around $19,000.
Trading plan:
Potential rally through $33,000 against $17,000
Good luck!
