FX.co ★ Trading plan for Bitcoin for March 24, 2022

Technical outlook:

Bitcoin has push above $43000 mark but is expected to face mild short term resistance here. The crypto could drop through $40000 mark for intraday support before turning higher again. The range still continues to be between $45000 and $37000 respectively and pricesneed to break out either way to decide its further direction.

Bitcoin has been in a triangle consolidation range since $46000 highs in February. The consolidation might be complete at $37000 mark and if correct, we could see prices braking above $46000 and push through $50000 going forward. On the flip side, prices may drop through $40000 first and turn bullish thereafter.

Bitcoin might drag lower towards $27700 mark if prices break below the $34000 level. In that case, the entire bearish boundary is still not complete and needs to print one more low before producing a meaningful retracement. Either from here, or after breaking below $27700, bulls will remain inclined to produce a counter trend rally.

Trading plan:

Potential rally through $50000 mark against $33000

Good luck!