Technical outlook:
Bitcoin rallied through $21,700 on Tuesday before finding resistance and pulling back. The crypto hit the projected intraday ($21,700-800) target and reversed sharply, producing a shooting star candlestick pattern on the daily chart. The crypto is seen to be trading close to $20,400 at this point in writing and is expected to push through $19,200 in the near term.
Bitcoin seems to have carved a meaningful larger degree downswing between $69,000 and $17,500 as seen on the daily chart. Furthermore, it seems to be unfolding a similar-degree corrective rally against $17,500. If the above holds well, bulls will remain in control from here and push through $32,300 and up to $35,000 at least.
Bitcoin has further carved a lower degree upswing between $17,500 and $21,700 in the past three trading sessions. Prices are expected to drop towards $19,250, which is the Fibonacci 0.618 retracement of the above rally, before resuming higher again. Traders might be preparing to open fresh long positions at around $19,000-200.
Trading plan:
Potential short-term drop to $19,200, then rally towards $33,000 at least against $17,000
Good luck!
