FX.co ★ Trading plan for Bitcoin for March 09, 2022

Technical outlook:

Bitcoin is preparing to resume its rally toward $48,000-50,000 mark in the next few trading sessions. The crypto is trading just below the $39,000 mark at this point in writing and is expected to produce a rally from here. Bulls are looking poised to hold prices above $33,000 interim support and keep the structure intact.

Bitcoin has been carving a counter trend rally since the $33,000 mark. On the flip side, it could be unfolding a triangle structure before breaking below $33,000 and pushing through $27,000 support. We continue to remain bullish till $33,000 remains intact going forward. Prices need to push through the $46,000 mark to accelerate further.

Bitcoin is working on the primary downswing boundary between $69,000 and $33,000 levels. The Fibonacci 0.618 retracement is also seen to be passing close to $50,000 mark as seen on the chart. High probability remains for a bearish turn if prices are able to push through $50,000 mark. Potential Right Shoulder could be in the making within the proposed Head and Shoulder reversal.

Trading plan:

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

Good luck!