FX.co ★ Trading plan for Bitcoin for March 01, 2022

Technical outlook:

Bitcoin has rallied through $43,000 levels during the Asia Session on Tuesday. It is in line with expectations and prices projected earlier towards $48,000-50,000 mark going forward. Bulls are looking to remain in control from here and hold prices above the $33,000 interim support in the near term. Watch out for a push above $46,000 mark for further accleration.

Bitcoin has carved a meaningful downswing between $69,000 and $33,000 levels earlier. The crypto is producing a counter trend rally since then and respected to push through $50,000 at least. Also note that the Fibonacci 0.618 retracement of the above drop is seen through $55,000 mark as depicted here. High probability remains for a push through that zone before turning lower again.

Bitcoin is also carving a potential bearish Head and Shoulder reversal pattern with Head at $69,000, Left Shoulder around $50,000-55,000 mark and Neckline taken out around $40000 mark already. Prices are looking to carve a potential Right Shoulder if the above structure unfolds as projected. The crypto might be into its last leg rally towards $50,000-55,000 zone near term.

Trading plan:

Potential rally through $50,000 against $33,000

Good luck!