Bitcoin made a brief foray above 35k earlier today, breaking above the well-known retracement level. This means that it is now encountering a 50% retracement of the drop it suffered last week. The price rose to 35,485 at the start of the day. However, as the European markets are underway, the price is drifting back towards 34k. Of course, there is nothing conclusive to glimpse from this move, as it is simply bringing the price back closer to half of its most recent range. The immediate outlook remains more optimistic than at the start of the week, but a drop below 32,750 from here may not rest too well with the weekend approaching. We know how often it has been prone to bearish moves in weekend trading over the past few weeks and of course this is probably on the back of many Bitcoin traders today. Only the overcoming of the trend line drawn in green will give a bullish impulse.

Our pivot is located at 33747
Predictable scenario: as long as support at 33747 holds, we can point towards 37149
Alternative scenario: a collapse of 33747 would result in a decline towards 31683

graphic from tredingview.com

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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
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