Technical outlook:
Bitcoin prices have pushed higher through $41,500 mark in the European session on Wednesday. The crypto is pulling back a bit and is trading close to $40,500 mark at the time of writing. It has been srifting sideways since $46,000 interim highs and could be into its last leg before breaking higher. A push above $42,500 will confirm a bullish breakout going forward.
Bitcoin bulls might be inclined to hold prices above $34,000 mark to keep the bullish structure intact. They are determined to push prices through $48,000-50,000 mark, which is also the Fibonacci 0.618 retracement of the earlier drop between $69,000 and $33,000 levels respectively. High probability remains for prices to produce a bearish reversal thereafter.
Bitcoin is within its counter trend rally since $33,000 mark. The first wave of the correction terminated through $46,000 while the second wave at $34,000 levels respectively. If correct, the third wave might be on ts way to $50,000 mark before terminating. Bears will be looking to come back in control thereafter.
Trading plan:
Potential rally through $50,000 against $33,000
Good luck!
