Bitcoin dropped to the $17,500 lows over the weekend continuing its bearish move, which began from the $32,375 highs recently. The crypto is seen to be trading close to $20,500 at this point in writing and is expected to resume its rally back towards the $32,400 level at least. Bulls are looking poised to hold prices above $17,500 to keep the near-term structure intact.
Bitcoin has dropped from $32,375 through $17,500 levels since May 30, 2022, having lost almost 50% in value, one of the steepest drops since the $69,000 all-time highs. The crypto has carved a meaningful larger degree downswing between $69,000 and $17,500 respectively. Ideally, a corrective wave should begin to unfold soon.
Bitcoin prices are facing strong initial resistance at around $32,375 as stated earlier. A break above that mark will be required to confirm that bulls are back in control and the corrective wave is well underway. Near-term targets for bulls are seen towards $21,500 and $22,500 levels before the price pulls back.
Trading plan:Aggressive: Potential counter-trend rally towards $33,000 and $35,000 against $15,000
Good luck!