Relevance up to 12:00 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 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!
