Technical outlook:
Bitcoin dropped through the $29,600 lows on Friday before finding some bids again. The crypto is holding well above the $28,000 interim low as bulls are looking poised to push higher through $35,000 and up to $42,000 going forward. On the flip side, a break below $28,000 will test the $27,000-500 mark before resuming its rally.
Bitcoin is still unfolding its corrective wave that has begun from the $25,500 lows earlier. If the third leg within the corrective phase is underway, prices will rally from here and push through $42,000 and $48,000 in the next several trading sessions. Alternatively, prices could first drop towards the $27,000-500 area before resuming higher again.
Bitcoin is working on a larger degree downswing carved between $69,000 and $25,500. Prices might push through $48,000 and up to $52,000 which is also the Fibonacci 0.618 retracement of the above drop. Bears will remain inclined to be back in control thereafter and drag prices below $25,500.
Trading plan:
Potential rally through $42,000, $48,000 and up to $52,000 against $20,000
Good luck!
