FX.co ★ Trading plan for Bitcoin on June 01, 2022

Technical outlook:

Bitcoin has been drifting sideways since the last two trading sessions after rising to $32,400 early this week. The crypto is just taking a breather before the next leg towards the $34,000-35,000 area as projected. Bulls are poised to remain in control and push through $35,000, up to $42,000 in the near term.

Bitcoin is probably into its last leg higher within the entire corrective structure that began from the $25,500 lows. The first leg terminated around $31,400. The second leg found support at around $28,000, close to the Fibonacci 0.618 of the previous rally. If the above structure holds well, the last leg would terminate at around $42,000 at least.

Bitcoin is working upon its larger degree downswing between $69,000 and $25,500 as seen on the daily chart. The corrective wave has got potential to push through $48,000 and up to $52,000, which is also the Fibonacci 0.618 retracement of the above drop. Traders might be willing to hold long positions for now.

Trading plan:

Potential rally through $42,000 and up to $48,000 against $20,000

Good luck!