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Bitcoin pushed through the $39,000 mark on Monday after completing an Engulfing Bullish candlestick pattern over the weekend, right at the channel support. The above is encouraging to bulls as they prepare to push through the $50,000-55,000 mark at least going further. The crypto should ideally stay above the $34,000 mark to keep the structure intact.
Bitcoin has been producing a potential countertrend rally since the $33,000 lows as seen on the daily chart here. The crypto has terminated two waves of the proposed corrective phase around the $45,000-48,000 and $37,400 levels respectively. If the above structure holds well, bulls might be preparing for the third wave higher towards the $50,000 mark at least.
Alternatively, if prices manage to push through $61,000, which is the Fibonacci 0.786 retracement of the earlier drop between $69,000 and $33,000 levels, the probability remains for an all-time high above $75,000. Bears will be keen to regain control thereafter and drag prices through the $33,000 levels at least.
Potential rally through $50,000-55,000 against $33,000
Good luck!
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