FX.co ★ Trading plan for Bitcoin for April 18, 2022

Technical outlook:

Bitcoin dropped through the $38,500 low on Monday before pulling back. It is now trading close to the $39,000 mark. The crypto printed a shallow low below the $41,800 mark and could rise higher from here soon. Bulls will try to hold prices above $37,000 and broadly above the $34,000 interim supports to keep the bullish structure intact.

Bitcoin declined to fresh swing lows accompanied by a bullish divergence on the daily RSI as presented here. Furthermore, prices have found support just below the Fibonacci 0.618 retracement of its recent upswing between $33,000 and $48,000. There is a high probability of a bullish reversal from current levels.

Bitcoin is still unfolding a complex corrective structure since the $33,000 low. The first phase was terminated close to the $48,000 mark, while the recent drop through $38,500 is its second phase. If this scenario comes true, prices will hold above $33,000 and push through the $50,000-55,000 zone in the next few trading sessions.

Trading plan:

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

Good luck!