Bitcoin gyrated both sides on Thursday and managed to push through fresh swing highs close to the $46,000 mark as expected and discussed earlier. The crypto has reversed sharply lower since then and is trading near the day's low around $43,000 level at this point in writing. Bears might remain poised to be back in control over the next few trading sessions.
Bitcoin has now produced a meaningful rally between $33,000 and $46,000 levels, which needs to be retraced before the rally could resume. Also note that prices have tested the Fibonacci 0.382 retracement of the entire drop between $69,000 and $33,000 levels earlier. High probability remains for a temporary corrective drop to $38,000 from here.
Also note that $38,000 is close to the fibonacci 0.618 retracement of the recent upswing between $33,000 and $46,000 levels. Bulls shall remain poised to be back in control around $38,000 and push through $50000 mark to complete the corrective structure that begun from $33,000 lows early this month. Potential Right Shoulder termination is also projected around $48,000-50,000 zone as marked here.
Trading plan:Potential drop to $38000 then rally through $48,000-50,000
Good luck!