FX.co ★ Trading plan for Bitcoin for March 17, 2022

Technical outlook:

Bitcoin has pushed higher through $41,000 mark and is on the verge of breaking higher from its triangle consolidation. A break above $42,500 will confirm the same and accelerate further towards $46,000 at least. Until prices stay above $33,000 mark, potential remains for a push through $48,000-50,000 mark in the next few trading sessons.

Bitcoin is probably into its last wave within the corrective rally that had begun since $33,000 lows earlier. The crypto is working on its first major downseing between $69,000 and $33,000 levels The Fibonacci 0.618 retracement of the above drop is also seen through $50,000 mark. Hence, probability remains high for a reversal thereafter.

Bitcoin might be carving a larger degree Head and Shoulder reversal pattern since $69,000 peak. The Hear is fixed at $69,000 while Left Shoulder is seen around $48,000-50,000 levels. Neck line was broken at $40,000 mark and potential Right Shoulder could be terminating around $50,000 mark going forward.

Trading plan:

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

Good luck!