Technical outlook:
Bitcoin has raised through $47,700 levels on Monday in line with projected price targets. The crypto still has momentum to push through $50,700 and $53,700 levels in the next few trading sessions. Bulls should be able to accelerate now since price has broken above $46,000 mark, the intermediate resistance level.
Bitcoin had earlier dropped off from $69,000 to $33,000 carving a meaningful downswing. The Fibonacci 0.618 retracement of above drop is seen through $55,000 mark as depicted on the daily chart. High probability remains for a bearish reversal if prices manage to push through $53,000-55,000 zone, going forward.
Also note tat Bitcoin is unfolding a counter trend rally from $33,000 lows. The rally is probably into its last leg and expected to terminate close to $53,000 mark. With the above convergence zone, bears will be inclined to take control back and resume lower towards $27,700 levels. The upside target is close to completion.
Trading plan:
Potential rally through $50,000 against $33,000
Good luck!
