Technical outlook:
Bitcoin seems to be preparing to resume its next leg higher towards $50,000-55,000 zone. The crypto had found resistance just above $48,500 mark over the last week and has completed its pullback. If the above is correct, bulls will remain inclined to push through $50,000-55,000 mark before terminating its rally that began since $33,000 lows.
Bitcoin has been unfolding a counter trend rally since $33,000 mark as seen on the daily chart here. The first leg within the corrective phase terminated close to $46,000 mark while the second leg completed close to $34,300 mark respectively. Since then, bulls have been working on the third leg rally, which could terminate through $50,000-55,000 levels going forward.
Bitcoin had earlier dropped between $69,000 and $33,000 levels carving a meaningful downswing. It is counter trending for now and is expected to reach through fibonacci 0.618 retracement around $50,000 levels. Bears will remain inclined to be back in control thereafter and drag prices below the $33,000 mark.
Trading plan:
Potential rally towards $50,000 against $33,000
Good luck!
