FX.co ★ Trading plan for Bitcoin for February 21, 2022

Technical outlook:

Bitcoin has now dropped through $38,000-300 zone, which is in line with expectations and projection made over the past week. The crypto was trading close to $44,000 and required to drop through $38,000 mark to complete its Gartley structure. Prices are now looking ready to resume higher again and surpass above $46,000 levels.

Bitcoin needs to sta above $33,000 interim support, to keep the above bullish scenario intact. Bulls are expected to be back in control from here and push through $48,000-50,000 zone in the next few trading sessions. Also note that $38,000 is close to the Fibonacci 0.618 retracement of its recent upswing between $33,000 and sub $46,000 levels.

High probability remains for a bullish turn from current levels ($38,000-300). Bitcoin is also looking to carve its projected Right Shoulder around $50,000 levels as highlighted on the daily chart. Only a consistent push through the $61,000 mark will open the door for a new all-time high going forward.

Trading plan:

Potential rally towards $50,000 mark against $33,000.

Good luck!