Technical outlook:
Bitcoin climbed above $20,550 intraday on Tuesday before pulling back. The crypto dropped to $19,500 over the weekend before turning higher and rallying over 1,000 points in the past three trading sessions. It is seen to be trading close to $20,350 at this point in writing and is expected to drop to $19,900 in the near term before resuming its rally.
Bitcoin has dropped from $25,200 since August 14, 2022, and the bears have managed to carve a meaningful border through $19,500 in the past two weeks. The bulls might be poised to push through $23,000 which is the Fibonacci 0.618 retracement of the entire drop between $25,200 and $19,500 respectively.
Bitcoin is currently working on its recent upswing between $19,500 through $20,550 as seen on the 1-hour chart presented here. Prices are expected to drop towards $19,900 which is the Fibonacci 0.618 retracement of the above upswing. A high probability remains for a bullish turn thereafter, pushing prices through $23,000.
Trading plan:
Potential rally through $23,000 against $19,000
Good luck!
