Technical outlook:
Bitcoin is drifting sideways after having rallied through $42,500 mark on Wednesday. The crypto is looking poised to push further towards $48,000-50,000 mark before finding resistance again. Bulls need to hold prices above $33,000 mark to keep the above bullish scenario intact. Potential also remains for a push through fresh highs above $69,000 mark.
Bitcoin has been in a counter trend rally since $33,000 lows, which is projected to terminate close to $50,000 mark. The first leg completed around $46,000, while the second leg terminated close to $34,500 levels respectively. The final leg rally seem to have resumed and is expected to push through $46,000 mark to accelerate.
Bitcoin had earlier dropped between $69,000 through $33,000 levels carving a meaningful bearish swing, which is being worked upon right now. The Fibonacci 0.618 retracement of the above boundary is seen through $52,000 mark as well. Hence potential remains for a bearish turn if bulls manage to push through $50,000 mark going forward.
Trading plan:
Potential rally through $50,000 against $33,000
Good luck!
