FX.co ★ Trading plan for Bitcoin on May 09, 2022

Technical outlook:

Bitcoin has slipped below the interim support seen around the $34,000 and $33,000 levels. The structure presented today changes from what was projected earlier as bears might now target the next support below the $29,000 mark. The crypto might be carving its bearish boundary from the $69,000 highs before pulling back.

Bitcoin is seen to be trading around the $33,100 mark at this point in writing after carving an intraday low close to $32,600 on Monday. Immediate price resistance is now seen around $40,000, followed by $48,000, while strong support is now seen at $28,600 respectively. A continued drop from here opens the door to the 28,600 mark.

Alternatively, Bitcoin might be producing a complex corrective structure (expanded flat) since the $33,000 lows earlier. In that case, prices could still produce a sharp rally from here pushing through the $50,000 mark. We shall bring updates with respect to the price action before suggesting a potential trade direction.

Trading plan:

Flat at the moment.

Good luck!