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Bitcoin has dropped through $37,000 levels late on Monday before pulling back through $38,200 mark. The crypto is seen to be trading around $38,200-300 level at this point in writing and is expected to rally beyond $46,000 in the near term. Bulls need to hold prices above the $33,000 mark though to keep the structure intact.
Bitcoin has produced a doji candlestick pattern on the daily chart suggesting a potential bullish reversal against $33,000 mark. If correct, bulls will remain inclined to push through $50,000 mark before finding resistance again. Also note that fibonacci 0.618 retracement of the entire drop between $69,000 and $33,000 is seen passing through $55,000 mark.
High probability remains for a bearish turn if prices manage to reach the $50,000 mark going forward. Only a push through $61,000 will open the door to print fresh all-time highs above $69,000. For now, possibility remains for a potential Righ Shoulder being carved close to $50,000 mark, and continue the proposed Head and Shoulder reversal pattern.
Potential rally through $50,000 against $33,000.
Good luck!
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