FX.co ★ Trading plan for Bitcoin for June 13, 2022

Technical outlook:

Bitcoin dropped through the $20,800 mark on Tuesday before finding support again. The crypto rallied through the $23,300 mark intraday before pulling back and is seen to be trading around the $22,100 mark at this point of writing. The daily chart is producing a potential Doji candlestick pattern and if confirmed, it would head to a bullish turn soon.

Bitcoin is now facing resistance around $32,375 followed by $40,000 and beyond, while interim support is seen through the $20,800 low. Prices will need to break above $32,375 now to confirm that bulls are back in control and that the crypto has carved a meaningful bottom. Bulls will be poised to hold prices above the $20,800 mark from here on.

Bitcoin has now carved a potential larger degree downswing between the $69,000 and $20,800 levels. Ideally, the above structure needs to retrace enough before the downtrend could resume. Potential upside targets are pointing towards the $41,000 and $51,700 levels, which are the Fibonacci 0.382 and 0.618 retracements of the above drop.

Trading plan:

Potential rally through $41,000 and $51,700 against $20,000

Good luck!