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Bitcoin dropped to $35,500 on Thursday breaking through the previous swing low around the $37,500 mark. It also penetrated the channel support as seen on the daily chart. However, it may not be a confirmed break below the channel. The support level of $34,000 remains intact. Bulls may try to take control with the price holding above $33,000-34,000.
Bitcoin might have completed its second corrective wave at around $35,500. If this scenario comes true, bulls would resume the third wave higher, pushing the price to $50,000-55,000. The bottom line for the above structure is interim support at $33,000, which should remain intact.
Bitcoin has been extending losses between $69,000 and $33,000. It is expected to break through the Fibonacci 0.618 retracement around the $53,000 mark. On the flip side, if prices rise above the $61,000 mark, it would open the way to fresh swing highs above $69,000.
Potential rally through $50000-55000 zone against $33000
Good luck!
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