FX.co ★ Trading plan for Bitcoin for April 11, 2022

Technical outlook:

Bitcoin has further gone through $41,000 mark on Monday as the pullback continues since $48,200 levels. The crypto is expected to find interim support ahead of $36500 levels but a break there will expose and threaten $33,000 interim support. Bulls will need to hold prices above $34,000 levels to keep the bullish structure intact.

Bitcoin has been in a counter trend corrective rally since $33,000 lows. The crypto might have either completed its correction just above $48,000 mark or is unfolding as a more complex corrective structure with one more leg higher through $50,000 mark. If the alternative structure is unfolding, prices will find support ahead of $34,000 and turn higher.

The parallel channel also indicates there is some space left on the higher side towards $50,500 levels. Also note that it is converging with fibonacci 0.50 retracement of the drop between $69,000 and $33,000 levels, around $50,700 mark. High probability remains for a turn lower if bulls manage to push prices through $50,500 level going firward.

Trading plan:

Potential rally towards $50,000 against $33,000 remain.

Good luck!