FX.co ★ Trading plan for Bitcoin on June 24, 2022

Trading plan for Bitcoin on June 24, 2022

Trading plan for Bitcoin on June 24, 2022

Technical outlook:

Bitcoin rose above $21,400 on Friday as it continues to develop its corrective drop against $21,700-800. The recent pullback between $19,700 and $214,00 should be short-lived as bears might be preparing to come back on the market and drag prices towards $19,200 in the near term.

Bitcoin has carved a larger degree downswing between $69,000 and $17,500 over quite a while. Even if BTC extends a further drop, it needs to produce a pullback rally towards the $33,000-35,000 zone in the next few trading sessions. Also, note that initial resistance is seen at around the $32,300 mark and a break there will encourage bulls.

Bitcoin has also carved a lower degree upswing between $17,500 and $21,700 to confirm a deeper correction ahead. Prices are currently retracing the above rally and are expected to find support at around the Fibonacci 0.618 retracement seen at about $18,200. If the above scenario holds well, we should witness a drop from here before the rally resumes.

Trading plan:

Potential rally towards $33,000 and higher against $17,000

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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