Technical outlook:
Bitcoin retreated from $20,500 in the early trading hours on Tuesday after printing interim highs at around $21,800 over the weekend. The crypto is seen to be trading close to $20,750 at this point in time and is expected to drag towards the $19,200-300 zone in the next few trading sessions. Bulls might remain poised to be back in control thereafter.
Bitcoin has carved a larger degree downswing between $69,000 and $17,500 levels in the past several months. The drop seems to have unfolded as a zigzag (5-3-5) structure, which should be ideally retraced through the $42,000-48,000 range in the next few trading sessions. If the suggested structure holds well, bulls will remain in control from here on.
Bitcoin has also carved a lower degree upswing between $17,500 and $21,800 as seen on the daily chart here. Prices are now retracing the above upswing. The token is expected to drop to $19,200 in the next few trading sessions. Traders might be preparing for a rally towards $33,000 in the near term against $17,500.
Trading plan:
Potential rally towards $33,000 and higher against $17,500
Good luck!
