Technical outlook:
Bitcoin has rallied through $41,200 highs on Tuesday after carving a potential higher low around $38,500 levels early this week. The crypto might be ready to resume its rally towards $50,000-55,000 mark in the next several trading sessions. Bulls will now remain poised to hold prices above $38,000 and broadly above $34,000 to keep the structure intact.
Bitcoin has bounced off the Fibonacci 0.618 retracement of its recent upswing between $34,000 and $48,000 levels as seen on the daily chart view here. High probability remains for a push through $50,000 mark at least, to complete the corrective rally. On the flip side if prices drop below $33,000 from here it would indicate a top in place around $48,000 aready.
Bitcoin is retracing its previous downswing between $69,000 and $33,000 and could be into its last leg higher towards $50,000 mark. Also note that $50,000-55,000 zone is the Fibonacci 0.618 retracement of the above downswing. High probability remains for a turn lower if prices manage to reach there.
Trading plan:
Potential rally to $50,000 against $33,000
Good luck!
