Technical outlook:
Bitcoin sliped to further lows around $39,000 on Wednesday before finding interim support and bids. The crypto has dropped to the Fibonacci 0.618 retracement of its recent upswing between $34,000 and $48,000 respectively. Bulls will be poised to hold prices above $34,000 mark and come back in control soon.
Bitcoin's next projected target is towards $50,000-53,000 zone, provided the $34,000 interim support stays intact. The counter trend rally that had begun since $33,000 mark is unfolding as a complex structure as bulls prepare for yet another three wave rally from current level. If the structure unfolds as proposed, we might see yet another high towards $50,000 mark at least.
Bitcoin has carved a meaningful downswing between $69,000 and $33,000 earlier. The above is being worked upon and could be retraced up to the Fibonacci 0.618 mark seen around $55,000 on the chart here. Bulls are expected to remain in control in the medium term and push prices through $50,000-55,000 zone before giving in to bears.
Trading plan:
Potential rally through $50,000-55,000 against $33,000
Good luck!
