FX.co ★ Trading plan for Bitcoin for February 10, 2022

Technical outlook:

Bitcoin has remained subdued within a range on Wednesday after having pushed through recent swing highs around the $45,500 mark on Tuesday. It may rise to a high of $46,500 before reversing lower for a correction. Bulls are poised to remain in control in the near term as $33,000 stays intact.

Bitcoin has staged an impressive rally between $33,000 and $45,500, appreciating almost 30% over the past few trading sessions. It has surprised bears who were positioned for a drop through the $28,700 mark. Please note that prices are close to the Fibonacci 0.382 retracement of the earlier drop between $69,000 and $33,000. BTC could face resistance soon.

Bitcoin might be preparing to correct lower toward $25,000-26,000 zone from here or after testing the $46,500 mark. The crypto can be expected to resume its next leg higher thereafter through the $48,000-50,000 zone. It could be seen as potential Right Shoulder termination as discussed earlier before bears are back in control.

Trading plan:

Potential corrective drop through the $25,000-26,000 mark then rally toward $48,000-50,000 against $30,000

Good luck!