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Technical outlook:
Bitcoin had dropped through $39,700 lows on Thursday before finding support again. The crypto has moved yet again in line with our projection to be well supported around the $40,000 mark. It is seen to be trading around $40,600 levels at this point in writing and is expected to raise through $50,000-55,000 mark going forward.
Bitcoin had carved a lower degree upswing between $38,500 and $43,000 mark early this week, which has been now retraced close to its fibonacci 0.618 level around $39,700. If the immediate structure holds well, prices will stay above $38,500 and continue pushing higher through $50,000 at least in the next few trading sessions.
Bitcoin has carved a meaningful larger degree downswing between $69,000 and $33,000 levels. It is currently working on a counter trend rally, which is expected to reach up to $50,000 mark. Bears will be poised to come back in control thereafter and drag lower towards $33,000 and $27,700 mark respectively.
Trading plan:
Potential rally through $50,000 mark against $33,000.
Good luck!
