Technical outlook:
Bitcoin has managed to hold prices above its recent swing low Around $37,700 mark. The crypto is seen to be trading close to $39,500 level and is expected to continue higher through $50,000-55,000 range going forward. Bulls are looking poised to remain in control as long as $34,000 low is intact. Potential remains for a continued rally soon.
Bitcoin has been in a counter-trend since $33,000 mark and has completed two waves around $48,000 and $37,700 levels respectively. If the above structure holds well, bulls will be poised to resume its third wave higher towards $50,000 mark at least. Please note that parallel channel resistance is also seen through $50,000 mark.
Bitcoin has carved a meaningful downswing between $69,000 and $33,000 respectively. The crypto is retracing the above drop since then and is expected to reach $50,000-55,000 range before terminating its rally. Bears will be poised to resume lower thereafter as it is the Fibonacci 0.618 retracement of the above drop, and drag prices below $33,000 going forward.
Trading plan:
Potential rally to $50,000-55,000 zone against $33,000.
Good luck!
