FX.co ★ Trading plan for Bitcoin for March 02, 2022

Technical outlook:

Bitcoin has pushed further through $45,000 mark, inching closer to the projected $48,000-50,000 zone. The crypto is pulling back slightly towards $44,200 mark at this point in writing and might carve a bottom around $41,000 before resuing higher again. Bulls need to hold prices above $34,700 levels to keep the above bullish structure intact.

Bitcoin is in a conter trend rally since $ 33,000 lows and is into its last leg higher towards $50,000 mark. Price resistance should be strong around $55,000 mark, which is also the Fibonacci 0.618 retracement of the drop between $69,000 and $33,000 levels respectively. We can expect prices to turn lower from there and drag below $33,000.

Bitcoin bears might be inclined to come back in control around $50,000-55,000 mark and drag prices lower towards $20,000 at least. Only a consistent push above $61,000 will raise probability to push through all-time highs above $69,000 mark. Intraday support should be strong around $40,000-41,000 mark, going forward.

Trading plan:

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

Good luck!