FX.co ★ Trading plan for Bitcoin on May 11, 2022

Technical outlook:

Bitcoin has risen through $32,650 mark since its earlier drop through $29,700 on Tuesday. The crypto has stuck within a range in the past two trading sessions and needs to push above $32,700 to accelerate higher. For now, probability remains for yet another low towards $28,600 before resuming its rally.

Bitcoin has been dropping since $69,000 highs, carving a series of lower lows and lower highs alongside a meaningful downswing. It has either carved or is extremely close to carve a major bottom close to the $28,000-29,000 zone. If the above structure holds well, bulls would be soon on their way to produce a counter-trend rally.

Bitcoin's price action could remain sideways for a while before dropping lower towards $28,000 as the last wave. The proposed rally could be corrective towards $44,000 and $54,000 or towards a new high above the $69,000 mark. Either way, traders might be preparing for a bull run in the near term. Downside risk remains limited in the near term.

Trading plan:

Potential rally through $44,000 and $54,000 against $25,000

Good luck!