Technical outlook:
Bitcoin has dropped further to $42,700 mark early hours on Thursday before finding interim support. The crypto has leaped back to $43,200 mark at this point in writing and is expected to continue higher from here. The corrective decline from $48,000 levels seem to be complete now and bulls are looking poised to resume higher through $50,000 mark.
Bitcoin is still unfolding its corrective phase that had begun since $33,000 lows earlier. The crypto has remained broadly in control of bulls since then and has completed two waves already towards $46,000 and $34,000 respectively. It is probably into its last leg rally and looking to push through $50,000-55,000 mark before terminating.
Bitcoin had earlier dropped between $69,000 and $33,000 levels carving a meaningful larger degree downswing. The same is being retraced for now and prices are expected to terminate towards the Fibonacci 0.619 retracement of the above drop, seen towards $50,000 levels. High probability remains for a bearish turn thereafter.
Trading plan:
Potential rally towards $50,000 against $33,000 then lower.
Good luck!
