Relevance up to 14:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical outlook:
Bitcoin continues to trade within the range between $29,500 and $31,500 since the last few sessions. The crypto might be carving a potential triangle after forming a lower degree upswing between $28,000 and $32,400 recently. Bulls will be poised to hold prices above $28,000 to keep the structure constructive towards $35,000 and $42,000 respectively.
Bitcoin is within a countertrend rally since reaching the low of $25,500 and is expected to push the price through the $42,000 mark targeting initial resistance. Also note that it is close to the Fibonacci 0.382 retracement of the previous drop between $69,000 and $25,500. Near-term support is seen around the $27500 level if the price drops through this mark.
Bitcoin has been working on a larger degree downswing between $69,000 and $25,500 over the past few trading sessions. The proposed corrective wave might initially drop through the $27,500 mark, which is the Fibonacci 0.618 retracement of the initial upswing as marked on the chart here. We can expect a rally towards the $48,000 mark in the next several weeks.
Trading plan:
Potential rall through $42,000 and $48,000 against $20,000
Good luck!
